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What is a crypto off-ramp?
An off-ramp is a service that lets you turn crypto back into government money, such as dollars in a bank account. Centralized exchanges are the most common off-ramps; a decentralized exchange swaps tokens but does not pay out to a bank.
What it means for you
A coin is only as sellable as the off-ramps that accept it: one that no exchange lists may have no direct route to dollars. Off-ramps can ask for identity checks, hold withdrawals for review, and charge fees at each step, so the dollars reaching your bank can be well below the quoted value.
How it works
A decentralized exchange can swap one token for another but cannot pay dollars into a bank, so the Federal Reserve notes that only centralized exchanges serve as direct routes between crypto and government money. Getting to dollars from a token held on chain often takes several steps: swap it on chain into something an exchange lists, send it to the exchange, sell there, then withdraw to a bank. Treasury notes most merchants still do not accept crypto, so users often need these platforms to reach spendable money. Each step can carry its own fee, spread and review hold.
An example
Say a token is quoted at 1,000 dollars. Swapping it on chain into a listed coin loses 3%, network fees cost 10, the exchange spread and fee take 1.5%, and the bank withdrawal costs 5: roughly 940 dollars arrive.
Sources: Federal Reserve: Primary and Secondary Markets for Stablecoins, U.S. Treasury: Illicit Finance Risk Assessment of Decentralized Finance · checked 4 October 2026
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