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How to convert treasury tokens to stablecoins onchain

Maker-side conversion versus TWAP selling and OTC blocks.

The lowest-impact way to convert treasury tokens to stablecoins onchain is to deposit them into a non-custodial vault that places them as ask-side concentrated liquidity, so organic buyers convert the position at market prices while the treasury earns swap fees; Amplifi runs this structure as a maker-side conversion mandate. The alternatives, TWAP-selling through aggregators or OTC blocks, both pay for immediacy: the first through fees, slippage, and a visible onchain footprint, the second through a discount to spot. Passive conversion trades speed for execution quality.

Maker-side conversion

The vault posts the treasury token as concentrated liquidity above spot in a pool against USDC or another stablecoin. Every buy that hits the pool converts a slice of the treasury at that pool's price and pays a swap fee to the vault. There are no market sells, no observable selling footprint, and the treasury earns yield during the conversion instead of paying for it.

TWAP selling

A TWAP submits real sells on a schedule through an aggregator. It works, but the schedule is legible to other participants who front-run it, aggregator fees and slippage compound over the schedule, and the onchain footprint tells the market the treasury is exiting. Fastest of the three; worst execution of the three.

OTC blocks

An OTC desk quotes a spread around spot and takes the other side. Discreet, immediate, and clean, but the discount to spot is the price paid. Best when the treasury needs certain size, certain timing, and privacy from the market. Worst on pure execution price.

How to choose

Need the stablecoins this week? TWAP or OTC. Need them over quarters, with clean execution and no market signaling? Maker-side conversion. Many treasuries run a small OTC or TWAP tranche for immediate needs and route the rest through a maker-side vault.

To scope a maker-side conversion mandate, contact contact@amplifiliquidity.com.