Four parties handle your payment. Here is the job each one does and where you can check it.
Four parties handle a DashX stablecoin payment, and each has one job. Bridge and other licensed money transmitters convert the stablecoin to USD outside India. JPMorgan receives the dollars and settles the rupees, with banks such as HDFC settling standard rails. A PACB licensed partner in India operates the cross border leg under RBI rules. DashX provides the software, and it reaches Bridge and JPMorgan through its PACB licensed partner in India. DashX does not hold your funds and is not itself an RBI licensed entity, and we say so plainly because you should know who is responsible for each step of your money.
| Party | Its job in your payment | Licence or status | Where you can verify it |
|---|---|---|---|
| DashX Payments Inc. | Onboarding, KYC, invoices, payment addresses, tracking and your dashboard | Technology provider. Holds no customer funds | DashX compliance page |
| Bridge, a Stripe company | Converts USDC or USDT to USD outside India | US money services business registration with FinCEN and state money transmitter licences, listed by Bridge on its licence page | Bridge licence page |
| JPMorgan Chase Bank, N.A. | Issues your virtual collection account, settles rupees on Priority Rails, issues the eFIRA | Authorised Dealer Category I bank in India | RBI list of authorised dealer banks |
| PACB licensed partner in India | Operates the cross border collection and settlement leg | RBI authorisation as a Payment Aggregator Cross Border | DashX compliance page |
Bridge and other licensed providers: convert the stablecoin outside India
Stripe owns Bridge. The step that turns your stablecoin into dollars is done by Bridge and by other providers that hold money transmitter licences. Under US rules a company that moves money for customers registers with FinCEN as a money services business and holds money transmitter licences from the states where it operates. Bridge says it operates under these licences across 48 US states, and it lists them on its own licence page. In February 2026 the OCC granted Bridge conditional approval to organise a national trust bank, which is not an operating charter until it becomes final.
Bridge updates its licence list from time to time, so read the current version on its licence page.
JPMorgan: receives the dollars, settles the rupees, issues the eFIRA
Only Authorised Dealer Category I banks can receive foreign inward remittances in India. JPMorgan Chase Bank, N.A. is one, and it issues the virtual collection account that receives your USD. Because the account is issued for you, each payment can be matched to you and to your invoice. JPMorgan then settles the payment in rupees through its banking settlement infrastructure and issues your eFIRA as the bank that received the remittance. JPMorgan is the bank that issues the virtual collection accounts. On standard rails, Authorised Dealer Category I banks such as HDFC Bank settle the payment. Our guide to inward remittance in India explains why a bank must sit in the flow.
The PACB licensed partner in India
Under RBI's payment aggregator rules, a non bank company that collects cross border payments for businesses in India works through a specific RBI authorisation, called Payment Aggregator Cross Border. DashX works with a partner that holds that authorisation, and that partnership gives DashX access to Bridge and JPMorgan. The partner operates the cross border collection and settlement leg, and the bank acts as the settling bank in that arrangement. FEMA rules for freelancers covers the wider legal frame.
What DashX does and does not do
| DashX does | DashX does not |
|---|---|
| Verify your identity and set up your account | Hold your funds |
| Create invoices and payment addresses | Convert the stablecoin itself |
| Track each payment from client to bank | Issue the eFIRA |
| Show your eFIRA and reports in one dashboard | Claim an RBI licence of its own |
Five checks to run on any provider, including us
-
Who converts the stablecoin, and under which licence?
-
Which bank receives the money in India, and is it an Authorised Dealer Category I bank?
-
Which party issues the eFIRA, and does it show the USD amount of your invoice?
-
Who holds the money between steps and for how long?
-
Who do you contact when a payment is delayed?
For a longer version, read our checklist for choosing a stablecoin off ramp.
Frequently asked questions
Is DashX licensed by the RBI? No. DashX is a technology provider. It works with a PACB licensed partner in India, which gives it access to Bridge and JPMorgan, and those parties handle the regulated steps. Our stablecoin legality guide covers the wider rules.
Does DashX hold my money? No. DashX does not hold your funds. Your payment moves through the converting provider, the bank and the PACB licensed partner, and your dashboard shows where it stands.
Is Bridge regulated in India? Bridge works outside India. It converts the stablecoin to USD offshore, and the Indian leg runs through the bank and the PACB licensed partner.
Who do I contact if a payment is delayed? Write to DashX support at t.me/dashx_support with your invoice number, and the team will trace the payment with the relevant partner. For any complaint or grievance, write to [email protected].
Want to see the flow on your own payment? Sign up for DashX
