Many people think that bringing the forex market on-chain is just about stablecoin swaps. That's a huge misconception.

Out of the $7.5 trillion in daily forex trading, guess how much is actually used for "exchanging money"? Only 28%. What about the rest? More than half—specifically, 51%—is driven by FX swaps.

What is this essentially? It's the vascular system of global dollar financing. Banks and corporations worldwide use this network to borrow dollars short-term and repay in their local currency, over and over again. What's even more staggering is that this system hides over $80 trillion in off-balance-sheet debt, completely outside the scope of traditional regulation.

So stop thinking of the forex market as something simple. AMMs alone aren't nearly enough here. If you really want to bring this trillion-dollar market on-chain, you need to first understand its underlying logic—it's not about currency exchange, it's about financing.