Mercuryo, the London-headquartered payments infrastructure platform, has launched Swaps, a token conversion product that lets users move holdings between 24 digital assets across 21 blockchain networks. The company says the product covers 1,400 distinct swap routes, offers fixed quotes and zero slippage, and is executable in a single click.
The asset list runs from the major tokens by market capitalisation, including bitcoin (BTC), ether (ETH) and the two dominant stablecoins, Tether’s USDt and USDC, through to more speculative names including Dogecoin, Pepe, Shiba Inu and Kaspa. Supported networks include Ethereum, Arbitrum, Base, Solana, BNB Smart Chain, TON and the XRP Ledger, among others. Liquidity is sourced through an unnamed cryptocurrency exchange that Mercuryo says applies anti-money-laundering controls, though the company has not disclosed the counterparty.
The geographic restriction
The most commercially significant detail in the announcement is a geographic carve-out: Swaps is not available to users in the United States, the United Kingdom or the European Economic Area. That restriction covers the three largest regulated digital-asset markets by institutional participation and removes a substantial proportion of global retail trading volume from Mercuryo’s addressable user base for this product.
The exclusion is likely a regulatory precaution rather than a commercial choice. In the UK, the Financial Conduct Authority requires cryptoasset businesses to register and applies financial promotions rules that constrain how token conversion services can be marketed. Across the EEA, the Markets in Crypto-Assets regulation (MiCA), which came fully into force in late 2024, creates a harmonised but demanding licensing and disclosure framework for crypto-asset service providers. The US remains fragmented across Securities and Exchange Commission, Commodity Futures Trading Commission and state-level money-transmission regimes, and enforcement actions against token swap venues have put overseas providers on notice. Rather than clear those hurdles immediately, Mercuryo appears to be launching in markets where the compliance overhead is lower, keeping its options open for regulated-market entry at a later stage.
Market context
Arthur Firstov, Mercuryo’s chief business officer, pointed to the company’s own on-ramp transaction data as the commercial rationale for the product. Mercuryo’s figures for the first half of 2026 show stablecoin transactions rising from 43 per cent to 60 per cent of total on-ramp volume during a period when bitcoin fell 33.2 per cent and ether dropped 47.3 per cent. The company interprets this as evidence that retail users are actively managing portfolio exposure rather than passively holding, creating demand for a low-friction conversion tool.
The token swap segment is well-established. Decentralised exchanges such as Uniswap and centralised platforms including Binance Convert and Coinbase‘s Simple Trade all offer similar functionality, often with broader asset coverage and deeper liquidity. Mercuryo’s proposition is the fixed-quote model, which removes slippage uncertainty at the cost of locking in a spread, and integration with its existing on-ramp and payment infrastructure for users already on the platform. Whether that bundled positioning is sufficient to attract meaningful volume outside the UK, US and EEA remains to be tested.
The company counts Trust Wallet, MetaMask, Revolut, Mastercard and Visa among its partners, which gives it distribution into existing user bases that could provide an early adoption channel for Swaps. The unnamed liquidity provider and the lack of any disclosed fee or spread structure are gaps that institutional observers will note before assessing the product’s competitiveness.
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