SQRIL
SQRIL
SQRIL is a cross-border QR payment switch for emerging markets: its API lets digital wallets, crypto apps and neobanks offer their users the ability to pay with USD stablecoins (such as USDT) at any merchant displaying national QR standards (e.g. PromptPay in Thailand, KHQR in Cambodia). The user scans a local QR code and pays with stablecoins from their app, while SQRIL handles the backend conversion, ensuring the merchant receives the exact amount in local currency. It is live in 11 countries across Asia, Africa and Latin America, with an announced entry into Central Asia, and is backed by the Plan B VC Fund (Tether & Fulgur Ventures). By handling conversion and payment settlement, it moves funds in transit.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Not disclosed |
| Stablecoins | USDT, USDC |
| Customer type | Fintech, Developers, Platforms |
| Fund custody | Custodial (platform holds funds) |
| KYC | Light |
| Supported countries | APAC, AFRICA, LATAM · 11+ countries |
| Segment | B2B |
| Funding / solidity | Southeast Asia-based fintech startup; backed by the Plan B VC Fund (Tether & Fulgur Ventures). Live in 11 countries across Asia, Africa and Latin America, expanding into Central Asia. |
| MiCA / License status | Not disclosed |
Strengths
- Connects USD stablecoins to national QR standards in emerging markets
- API integrable by wallets, crypto apps and neobanks
- Real coverage: 11 countries across Asia, Africa and Latin America
- Backed by the Plan B VC Fund (Tether & Fulgur Ventures)
- Light KYC: minimal identity verification.
Weaknesses
- B2B infrastructure: not an app the end consumer uses directly
- Focus on emerging markets (Asia/Africa/LatAm), not the EU/US
- No specific public payment license found
- Recent startup, pricing details not public
- Custodial: the platform holds your funds and can freeze or lose them.
Verdict
Score 3.5/5, solid profile. In its favour: connects USD stablecoins to national QR standards in emerging markets. The trade-off to weigh: b2B infrastructure: not an app the end consumer uses directly.
On the Sovereignty lens the score is 1.9/5 (weak): the strength is censorship resistance (3.0/5), while fund control (0.0/5) is the weak link.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
How does SQRIL work for the end user?
The user scans a local QR code (e.g. PromptPay/KHQR) and pays with stablecoins from their app; SQRIL converts in the backend and the merchant receives local currency.
Is it for individuals or businesses?
It is a B2B API that wallets, crypto apps and neobanks integrate; the end user uses it indirectly through the adopting app.
Sources
- Official service page Data verified on Jul 17, 2026
- cryptotimes.io Data verified on Jul 17, 2026
- globenewswire.com Data verified on Jul 17, 2026