> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyperrails.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Currency Exchange (Fiat)

> Exchange one fiat currency for another using HyperRail’s exchange feature.

## Overview

<Badge text="Fiat Exchange" />

<Badge text="Fiat to Fiat" />

<Badge text="Application Flow" />

Currency Exchange allows merchants to **convert one fiat currency to another** within the HyperRail application.

HyperRail executes fiat-to-fiat exchanges using stablecoins as the settlement layer, delivering faster execution, transparent pricing, and reliable liquidity.

***

## When to Use Currency Exchange

* Converting balances between fiat currencies
* Managing multicurrency treasury holdings
* Preparing funds for local payouts in another currency
* Reducing exposure to currency fluctuations

***

## How a Fiat Exchange Works

<Steps>
  <Step title="Login">
    Login to your HyperRail account and head over to trade
  </Step>

  <Step title="Select Currencies">
    Choose the **source fiat currency**, the **destination fiat currency**, and enter the amount to exchange.
  </Step>

  <Step title="Review Rate">
    HyperRail displays the current exchange rate and expected payout amount.
  </Step>

  <Step title="Confirm Exchange">
    Confirm the transaction to lock the rate and begin processing.
  </Step>

  <Step title="Receive Funds">
    The exchanged fiat is credited to your HyperRail balance once completed.
  </Step>
</Steps>

***

## Transaction Statuses

<Info>
  Fiat exchange transactions follow these statuses:
</Info>

* `pending` – Exchange in progress
* `successful` –  Funds successfully exchanged
* `expired` – Transaction expired
* `insufficient-balance` – insufficient wallet balance
* `failed` – Transaction unsuccessful

***

<Tip>
  Important Notes
</Tip>

* Rates are shown before confirmation
* Final rates are locked at confirmation
* Execution depends on liquidity availability
* All exchanges are recorded for audit and reconciliation

***