How a trade settles on CrossLedger.
The buyer wants documents before paying. The seller wants payment before shipping. Both are right, and many first deals stall there. CrossLedger is designed to commit the buyer's money first and release it only on proof, so neither side has to move on trust. It is in development, and we are inviting pilot partners now.
Agree the terms
The seller opens a trade: commodity, quantity and tolerance, price, the stablecoin it settles in, the documents required, the inspection standard, a delivery deadline and a named arbitrator. The sale contract's fingerprint is registered so both sides are bound to the same version.
Fund the escrow
The buyer deposits USDT or USDC into an escrow created for this one trade. From that moment neither party can take the money back alone, and the seller can see on-chain that payment is committed before releasing the cargo.
Register the documents
As documents are issued (tank receipt, bill of lading, invoice, certificate of origin) their SHA-256 fingerprints are written to the registry. The registry rejects a file that is already registered, and in a later phase will match documents by their issuer's reference number too, so the same paper cannot quietly back two deals.
Inspect and attest
The independent inspector both parties named in the contract checks quantity and quality and signs a structured attestation with a key bound to their verified identity. No anonymous oracle, no unsigned data.
Release, or resolve
When every required document is verified and the inspection is within tolerance, the escrow pays the seller in the same transaction. If the deadline passes the buyer can reclaim the funds. If either side disputes, the escrow freezes until the arbitrator rules.
Payment committed up front, released on agreed proof.
CrossLedger figures below are design targets for a platform still in development, not measured results.
| Documentary letter of credit | CrossLedger (target) | |
|---|---|---|
| Who holds the money | Issuing bank's undertaking | Per-trade escrow; neither party alone |
| What triggers payment | Bank examination of paper documents | Registered documents plus signed inspection |
| Typical time to pay | 5 to 14 business days after presentation | Same transaction as the final condition |
| Typical cost | Often 1 to 3% for emerging-market trades | 0.2 to 0.4% platform fee |
| Duplicate documents | Hard to detect across banks | Rejected by the registry |
| Disputes | Bank discrepancy process, then courts | Named arbitrator; governing-law contract |
Trades settle in dollars. CLXT runs the platform.
Fee discounts
Platform fees can be paid in CLXT at a discount to paying in stablecoins.
Verifier bonds
Inspectors and arbitrators post CLXT that can be forfeited for false attestations or rulings.
Fee governance
Holders may vote on fee schedules and corridor priorities once trades are flowing.
Honest status
No commercial trade has settled through CrossLedger yet. An escrow contract is deployed on Ethereum and a document registry prototype runs on a test network; neither has completed an independent audit. The platform will handle third-party funds only after that audit.