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docs(asm-dex): cross-chain send/receive chain & asset landscape

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Two-list landscape for the multichain taxonomy cells:
- List A (DEX-Atomic): trustless swap, value leaves source; grouped by
  primitive (native Script HTLC / contract HTLC / XRPL crypto-condition /
  Monero adaptor-sig).
- List B (ASM-Multichain): lock-and-mint IOU onto BCH, value stays;
  backend pipeline + two peg types (stablecoin-backed vs native-coin 1:1)
  + B1 stablecoin sources and B2 native L1 coins (BTC/ETH/SOL/BNB/TRX/...).

Adds 2026 stablecoin distribution data, build priorities (USDT-Tron first),
and positioning: BCH as a decentralized, no-KYC interchain settlement hub
(honest trust-minimized caveat for the List B bridge). README cross-linked.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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Parameters/ASM DEX/README.md
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@ -34,6 +34,10 @@ Each cell is documented separately:
- [DEX · Order book — native Bitcoin Cash](DEX-native-Order-book.md)
- [DEX · Atomic Swaps — multichain](DEX-Multichain-Atomic-Swaps.md)
Which real chains & stablecoins each multichain cell reaches (the landscape, with
data): [cross-chain-send-receive_chain-landscape.md](cross-chain-send-receive_chain-landscape.md)
— List A populates DEX·Atomic, List B populates ASM·Multichain.
## Why ASM is not "just another DEX"
A canonical on-chain DEX is the classical exchange, automated and on-chain — it

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@ -0,0 +1,217 @@
# Cross-chain send/receive — the chain & stablecoin landscape
*Which chains can actually do cross-chain send/receive with Bitcoin Cash, split by
the two mechanisms. Populates the two **multichain** cells of the taxonomy
([README](README.md)): **DEX · Atomic Swap** (trustless, value leaves) and
**ASM · Multichain** (lock → oracle/bond → mint IOU, value stays). Concept &
trust spine: [cross-chain-asm-concept-and-state.md](cross-chain-asm-concept-and-state.md)
(§4 debit/credit, §5 verification spectrum, §6 the VM wall). Data current June 2026.*
---
## The split (why two lists, not one)
The two mechanisms **overlap in which chains they reach** — almost any chain that
can do a trustless swap can also be a lock-and-mint source. They differ in **what
happens to the value** and **what trust is involved**, not in raw capability:
| | List A — Atomic swap | List B — Lock-and-mint (IOU) |
|---|---|---|
| Value | **leaves** the source asset (BTC → BCH) | **stays** denominated (USDT stays USDT, on BCH) |
| Trust | **none** (shared hashlock) | **trust-minimized** (bonded M-of-N / oracle) — never trustless toward BCH (the VM wall) |
| Counterparty | **needs one** (someone takes the other side) | **none** (single-party: you lock, covenant mints) |
| BCH artifact | none — you hold native BCH | a **CashToken IOU** (one category per source chain) |
| Taxonomy cell | DEX · Multichain | ASM · Multichain |
Same chains, opposite trade-offs — which is why we ship both and let users choose.
---
## List A — Trustless atomic swap (value leaves the source; no IOU)
Both chains lock against the **same hash**; revealing one preimage settles both.
Needs a counterparty and a hashlock + timelock-refund primitive on each side.
BCH side = `AtomicSwapHTLC` (validated T1; real BTC↔BCH = T4). No token minted —
you end holding native BCH (or USDm).
**Native Script HTLC** (`CLTV`/`CSV` + hashlock):
- Bitcoin · Litecoin · Dogecoin · Dash · Zcash
**Contract HTLC** (hashlock + timelock inside a smart contract):
- Ethereum (+ EVM L2s: Arbitrum, Base, Optimism, Polygon, Linea, …) · BNB Chain ·
Avalanche · **Tron (TVM)** · Solana · TON · Sui · Aptos · NEAR ·
Cardano (Plutus) · Stellar (Soroban)
**Native crypto-condition escrow** (`PREIMAGE-SHA-256`):
- XRP Ledger (Escrow + crypto-conditions)
**Scriptless — adaptor signatures, *not* an HTLC** (special case: harder, no
on-chain script, can't reuse the HTLC harness):
- Monero
> Coverage: **every top-20 chain.** All but Monero use a plain HTLC; Monero needs
> the adaptor-signature variant (Bitcoin–Monero scriptless swap).
---
## List B — Lock-and-mint to BCH (asset is *sent to BCH*; an IOU is generated)
Value stays denominated as itself, as a CashToken on BCH. Trust-minimized, never
trustless toward BCH — BCH covenants can't verify a foreign chain's consensus (the
VM wall, §6).
### Backend mechanism (one pipeline, every source chain)
1. **Lock (debit, source chain).** User locks the native asset into a reserve — a
**bonded M-of-N multisig** (UTXO chains) or a **contract vault** (programmable
chains).
2. **Witness the lock → BCH.** BCH can't read the source chain, so a witness
conveys the event:
- **Bonded signers** — hold the reserve keys *and* post a **slashable bond on
BCH**; equivocation (two sigs over one redeem with conflicting payloads) is a
fraud proof anyone submits to seize the bond. Validated:
`BondedSignerSlash.cash` + signet 2-of-3 release (M3-bond). **or**
- **Oracle** (`checkDataSig`) — attests "lock confirmed"; the covenant acts on
the signature.
- *(future: light client / zk verifier → trust drops to zero. "One*
*`checkDataSig` away from IBC.")*
3. **Mint (credit, BCH).** A BCH covenant mints a **CashToken IOU 1:1** against the
lock. A reservoir marker enforces **mint ≤ locked** → over-issuance is
**publicly reconcilable** (`Σ minted == Σ locked`), the §4 verifiability edge no
off-chain attestor (Tether/Circle) can match.
4. **Circulate.** The IOU sends/receives on-chain on BCH — including
**offline-receive** (lands at your address while you're offline; no co-sign).
5. **Redeem (reverse posting).** Burn the IOU on BCH → release the native asset
from the reserve via the M-of-N threshold on the source chain.
### Two peg types — the IOU is 1:1 to the *native unit*, not to a dollar
The mechanism is identical for any asset, but what the IOU tracks differs:
- **Stablecoin-backed IOU** — `τUSDt` ≈ \$1, because the *underlying* is dollar-pegged.
The peg is inherited, not added by us.
- **Native-asset-backed IOU** — `σSOL` = **1 SOL**, `τTRX` = **1 TRX**, etc. The IOU is
1:1 to the **native unit** and **floats in fiat price exactly like the underlying.**
We do **not** peg it to a dollar; we peg it to the coin.
The backing invariant is the same in both cases — **`Σ minted == Σ locked` in native
units** — and volatility never touches it: 1 IOU always redeems 1 native coin, whatever
the price. Volatile IOUs are **Token-class**, so once on BCH they trade via the **P2P
DEX** (order book / atomic swap), *not* ASM (ASM's fixed-rate swap is for MBA-backed
assets only — ADR-0016).
### B1 — Stablecoin-backed source assets (dollar-denominated on BCH)
Ranked by what's worth holding as dollars-on-BCH:
| Source asset · chain | IOU on BCH | Lock mechanism | Why it matters |
|---|---|---|---|
| **USDT · Tron** | `τUSDt` | contract vault + bonded/oracle | **~45–52% of all USDT**; *not* in Circle CCTP → structurally unserved; **no native USDT on BCH** since Tether ended SLP support (Sep 2025) |
| **USDT · Ethereum** | `εUSDt` | contract vault | ~40% of USDT; institutional/DeFi float |
| **USDT · BSC / Solana** | `βUSDt` / `σUSDt` | contract vault | large secondary pools |
| **USDC · ETH / Solana / Base / Arbitrum / Polygon / Avalanche / XRPL / Stellar** | `εUSDC`, … | contract vault | native on 34 chains; CCTP-mobile across ~17 |
### B2 — Native-asset source coins (the L1 gas/store-of-value coins themselves)
The most-traded coins by volume, brought onto BCH as floating 1:1 IOUs:
| Source coin · chain | IOU on BCH | Lock mechanism | Notes |
|---|---|---|---|
| **BTC · Bitcoin** | `BTCas` / BTC-IOU | 2-of-2 / bonded M-of-N multisig | Model 3 — validated BCH side + M3-bond trust floor |
| **ETH · Ethereum** | `εETH` | contract vault | #2 asset; lock canonical L1 ETH (L2 ETH is itself a bridge IOU) |
| **SOL · Solana** | `σSOL` | program vault (PDA) / multisig | top-volume L1 |
| **BNB · BNB Chain** | `βBNB` | contract vault | native gas of BSC (Beacon Chain fused into BSC) |
| **TRX · Tron** | `τTRX` | contract vault / multisig | native gas of the dominant USDT rail |
| **XRP · XRP Ledger** | `xXRP` | Escrow / multisig | #4; native escrow makes locking first-class |
| **ADA · Cardano** | `aADA` | Plutus vault | eUTXO contract lock |
| **AVAX · Avalanche** | `vAVAX` | C-chain contract vault | EVM |
| **DOGE · Dogecoin** · **LTC · Litecoin** | `dDOGE` · `lLTC` | Script multisig | UTXO, same family as BTC lock |
| **TON / SUI / APT / NEAR** | `…` | contract vault | newer L1s; contract lock |
| **XMR · Monero** | `mXMR` | multisig (bonded) | lockable for IOU via multisig (unlike the *swap*, which needs adaptor sigs) |
> Per the source-chain marker rule: each source is a **separate IOU** (τUSDt ≠
> εUSDt; an L2-bridged ETH ≠ L1 εETH — genuinely different claims), identity = the
> CashToken **category**, shown as the asset name + a network badge (`USDt · Tron`,
> `SOL · Solana`), with the Greek prefix as a text-only fallback. See
> [ASM-Multichain naming](ASM-Multichain.md#wrapped-asset-naming).
> **The payoff once B1 + B2 exist:** BCH becomes a **settlement hub** where BTC, ETH,
> SOL, BNB, TRX, XRP, dollars (USDt/USDC) and USDm all coexist as CashTokens and
> swap cheaply on-chain (<\$0.001), offline-receivable, self-custodial — without
> touching any of the source chains' fees or congestion. The source chains become
> *vaults*; BCH becomes the *trading floor*.
---
## Where the stablecoins actually live (the value behind List B)
- **Stablecoin market ≈ $320B** (May 2026): **USDT ~$190B**, **USDC ~$78B**,
DAI ~$4.7B.
- **USDT** is concentrated: **Tron ~45–52%** + **Ethereum ~40%**, then **BSC** and
**Solana**. All four are HTLC-capable (also valid swap sources).
- **USDC** is native on **34 chains**, CCTP-mobile across **~17** (ETH, Base,
Arbitrum, OP, Polygon, Avalanche, Solana, Linea, Unichain, Sonic, World Chain…).
**Tron is absent from CCTP.**
- **BCH stablecoin void:** Tether **discontinued USDT on Bitcoin Cash (SLP)** in
Sep 2025 (with Omni, EOS, Algorand, Kusama). There is **no native USDT on BCH
today** — exactly the gap a `τUSDt` IOU fills.
---
## Build priorities (what this implies)
1. **USDT (Tron) ↔ BCH is the highest-value, least-served target.** ~half of all
USDT, HTLC-capable (trustless swap buildable now), *and* outside Circle's CCTP —
so a Tron↔BCH rail serves demand the incumbents structurally ignore. Matches the
committed Build B (chipnet DEX + cross-chain wrap plan).
2. **Offer both flavors per asset:** the **trustless swap** (value → native
BCH/USDm, List A) and the **lock-and-mint IOU** (`τUSDt` stays dollar-denominated
on BCH, List B). One asset, two products, user chooses by trust appetite.
3. **The reconcilable-dollar pitch is unique to BCH:** with Tether gone from SLP, a
publicly-reconcilable (`mint == lock`) dollar IOU has no native competitor on BCH.
---
## Positioning — BCH as a decentralized interchain settlement hub
What this whole landscape is designing toward: **Bitcoin Cash becomes a host for other
chains.** Their assets are *deposited* (List B lock-and-mint, or List A swap-in),
*traded* against each other on BCH's native DEX, and *withdrawn* back to their home
chains (redeem / swap-out) — a prototype where **any popular asset can be traded,
deposited, and withdrawn in a purely decentralized, no-KYC manner.**
- **No gatekeeper at the venue.** Deposit, trade, and withdraw are covenant- and
script-mediated on BCH — no account, no custodian-of-record, no KYC desk. The user
holds keys throughout (self-custodial); the DEX is on-chain.
- **The source chains become vaults; BCH becomes the trading floor.** You don't pay
Ethereum/Solana/Tron fees or congestion to trade — only to enter and exit. On BCH:
<\$0.001, seconds, offline-receivable.
- **Honest scope of "decentralized / no-KYC":**
- The **trading, deposit, and withdraw flow on BCH is fully decentralized & KYC-free**
— it's on-chain and key-controlled.
- **List A (atomic swap) is end-to-end trustless** — no bridge custody at all.
- **List B (lock-and-mint) is trust-*minimized*, not trustless** at the *bridge*: the
locked native asset sits behind **bonded M-of-N signers / an oracle** (the VM wall —
§6). Decentralization there is bounded by the signer set; the bond + public
`mint == lock` reconciliation is what keeps it honest and minimizes that trust,
until a light client / zk verifier removes it. We say **trust-minimized, never
"trustless,"** for the bridged path.
The combination — trustless swaps for the purists, trust-minimized IOUs for assets that
can't be swapped trustlessly into BCH — is what lets the hub host *everything* without a
KYC chokepoint anywhere in the venue.
## Sources
[DefiLlama stablecoins](https://defillama.com/stablecoins) ·
[DefiLlama by chain](https://defillama.com/stablecoins/chains) ·
[Stablecoin liquidity May 2026 (KuCoin)](https://www.kucoin.com/blog/Stablecoin-Liquidity-Hits-$320B-Milestone-in-May-2026) ·
[April 2026 stablecoin report](https://stablecoininsider.org/april-2026-stablecoin-report-heres-what-happened-in-the-space/) ·
[Circle CCTP supported chains](https://developers.circle.com/cctp/concepts/supported-chains-and-domains) ·
[CCTP V2 guide](https://eco.com/support/en/articles/14998923-cctp-cross-chain-usdc-complete-guide-2026) ·
[Tether legacy-chain wind-down](https://tether.io/news/tether-to-wind-down-usdt-support-for-five-legacy-blockchains-as-part-of-strategic-infrastructure-review/) ·
[XRPL escrow crypto-conditions](https://xrpl.org/docs/concepts/payment-types/escrow) ·
[Stellar Soroban HTLC (StellarFusion+)](https://ethglobal.com/showcase/stellarfusion-km2ki) ·
[Cardano HTLC tutorial](https://scalus.org/docs/smart-contracts/htlc-tutorial) ·
[Bitcoin–Monero adaptor-signature swap](https://arxiv.org/pdf/2101.12332) ·
[Top cryptos 2026 (Statista)](https://www.statista.com/statistics/1269013/biggest-crypto-per-category-worldwide/)