Providers

A Pair Instrument names an exposure: Mexican government bonds, gold, U.S. Treasury-backed yield. Something has to turn that name into a transferable asset. That something is the ProviderProviderA source of a Pair Instrument behind the common provider interface: an onchain venue, a tokenized-asset issuer, an RFQ desk or a broker route..

PairStreet defines a single TypeScript interface, FinancialInstrumentProvider, that every provider implements. Product code (the Pair Router, the settlement engine, the instrument pages) talks only to that interface, through a registry that maps a provider id to its implementation. No product code imports a provider SDK. The full interface, method by method, is on Provider Interface.

The registry builds one adapter per provider, selected by the provider’s adapterKey. Two adapter classes exist today. Every provider in the catalog uses one of them, and a new class is added only when a new kind of route arrives.

registry: the PairStreet Pair Registry

The Pair Registry lists instruments for pairing whose onchain settlement asset connects when the instrument’s provider route activates. It holds 38 of the 44 instruments in the catalog, from Japan Government Bonds and NYC Municipal Debt to Tokyo Residential and Global Semiconductors. Creators can launch Pair Markets on any active registry instrument today.

• ·getPurchaseRoute returns mode PROVIDER_API with available false and the blocker “Settlement route for <instrument> is connecting”.
• ·getCanonicalAsset returns null: no mint is asserted until a provider supplies one.
• ·Production returns no quotes for registry instruments. A reference price describes the reference market; it is never presented as an execution price.
• ·checkEligibility returns INSTRUMENT_UNAVAILABLE for an inactive instrument, then applies the instrument’s rules.

spl-onchain: instruments that exist as Solana tokens

For instruments whose issuer already publishes an SPL or Token-2022 asset, the spl-onchain adapter connects directly to Solana liquidity.

• ·Canonical asset: the mint recorded in the catalog, cross-checked against Jupiter’s token API. A decimals mismatch is an error. A Jupiter-verified token reports verification aggregator_verified.
• ·Quotes: live Jupiter quotes from the settlement asset (USDC) into the instrument, 50 bps default slippage, cached for 30 seconds.
• ·Route: ONCHAIN_SWAP, one step per swap hop, with the live quote attached. The route lists the vault signer (program PDA or multisig) and the settlement executor as its blockers until Pair Vault custody activates for the market.
• ·Status: active when a 100 USDC quote finds a route, provider_unavailable when it does not.
• ·Execution: purchase raises ProviderNotEnabledError, which names exactly what the route still needs.

Five instruments in the catalog are backed by issuer tokens that trade on Solana today. Their routes are ready: PairStreet produces a live quote from USDC into each one. The table lists the mint PairStreet references for each.

Etherfuse also issues Brazilian Treasury Bonds (TESOURO, mint BRNTNaZeTJANz9PeuD8drNbBHwGgg7ZTjiQYrFgWQ48p). The catalog lists it with status provider_unavailable, so it is shown but not offered for pairing; it becomes selectable when its status returns to active.

Route ready describes the quote side. Settlement into any of these Pair Assets activates per Pair Market when its Pair Vault custody activates. Until then each market’s Pair Vault reservePair Vault reserveThe 25% share of a Pair Market's creator fees earmarked for its Pair Vault. Held by the PairStreet treasury until the market's settlement route activates. accrues to the treasury, earmarked for that market. See Pair Vault and Settlement.

PairStreet pairs tokens with sovereign debt, municipal debt, housing, credit, commodities and funds. No single provider issues all of that, and none should be a point of failure.

• ·Coverage. Instruments come from different issuers on different rails: Token-2022 bond tokens, SPL commodity tokens, funds behind issuer APIs, exposures that trade through RFQ desks. One interface lets each arrive through the route it actually uses.
• ·Isolation. A provider can pause minting, change terms or lose liquidity. Its instruments move to paused or provider_unavailable and their markets keep trading as tokens. Every other provider’s instruments are unaffected.
• ·Replacement. A provider is a registry entry plus an adapter. Moving an instrument to another provider changes its providerId, not the Pair Router, the settlement engine or the reward engine.
• ·Comparable routes. Every route returns the same PurchaseRoute shape with a quote and explicit blockers, so routes from different providers can be compared on the same terms. See Pair Router.

Provider kinds recorded in the catalog: tokenized_bonds, tokenized_securities, tokenized_fund, real_estate, commodity, onchain_dex_route and pair_registry (plus dev_mock, which exists only on the development network).

The provider interface is also how an issuer’s instrument reaches crypto-native demand. An issuer that already has a transferable onchain asset is one adapter away from being a Pair Instrument. An issuer with an API, an RFQ desk or a primary mint plugs in through the matching route mode.

Demand for instruments that are not yet listed is captured as Pair Requests, counted once per voter and ranked. That ranking is the integration queue: it tells PairStreet, and any issuer reading it, which exposures crypto users are asking for. Aggregated activity across live Pair Markets appears in What Is Crypto Buying?.