> ## Documentation Index
> Fetch the complete documentation index at: https://docs.openagents.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Agent Exchange

> FX and routing between agent-held assets.

## Overview

The Exchange is the planned liquidity layer for agent-to-agent FX and payment
routing. It enables an agent with USD-denominated budgets to pay a BTC-only
provider without manual conversion steps.

## Core Concepts

* **RFQ and orderbook flows** for BTC/USD routing
* **Treasury agents** that quote and settle liquidity
* **Atomic settlement** between rails (e.g., Cashu to Lightning)
* **Receipts with provenance** for rate, quote, and policy context

## FX Routing Flow (Conceptual)

1. Agent requests a payment in a rail it does not hold.
2. TreasuryRouter issues an RFQ to Treasury Agents.
3. Quotes return with rate, expiry, and liquidity guarantees.
4. Router selects a quote based on price and reputation.
5. Atomic settlement completes across rails.
6. Receipt is emitted with rate provenance and quote id.

## Why It Matters

Budgets are only useful if they can be spent across diverse providers. The
Exchange makes multi-rail spending practical and auditable.

## How It Connects to Autopilot

Autopilot can pay providers regardless of their preferred rail, while keeping
spend aligned to policy and tracking every conversion in receipts.

## Status

Planned (see OpenAgents SYNTHESIS.md for the long-term roadmap).