P2P.me is a global, decentralized, peer-to-peer (P2P) protocol that facilitates the swapping of the stablecoin USDC with local fiat currencies. ^[1]

Headquartered in India, the startup operates as a non-custodial service, meaning users retain full custody of their assets during transactions. ^[2] The platform is designed to function as an on-chain bridge between cryptocurrency and traditional financial systems, enabling users to buy, sell, and make payments that are settled in their local currency. ^[1]​

Overview

P2P.me aims to provide a direct link for converting USDC into various local fiat currencies and vice versa. It leverages an on-chain protocol where transactions are facilitated between general users and a network of Liquidity Providers (LPs). The system is built to integrate with established local payment networks that use QR codes, such as the Unified Payments Interface (UPI) in India, PIX in Brazil, and QRIS in Indonesia. ^[1]​

The protocol emphasizes privacy through the use of zero-knowledge technology for identity verification and is designed to operate without a central controlling authority. ^[1]

As a non-custodial service, the platform does not take control of user funds at any point. ^[2]​

According to statistics provided by the platform, it has processed over $31.4 million in total volume across more than 341,200 orders. The service reports having 22,700 active users and a network of over 1,000 Liquidity Providers globally. ^[1]​

History and Funding

P2P.me is an India-based stablecoin startup. ^[2] The company raised $2 million in a seed funding round led by prominent venture capital firms Coinbase Ventures and Multicoin Capital. ^[2]​

On September 1, 2025, the platform instituted a significant user protection policy in India, offering a 100% USDC refund guarantee for certain transactions that result in a bank account freeze, indicating the service was fully operational prior to this date. ^[1]​

In March 2026, P2P.me initiated a public fundraise on MetaDAO, a fundraising and governance platform built on the Solana blockchain. The effort secured $6.7 million in commitments from investors. This fundraising event became the subject of a controversy later that month. ^[2]​

Technology and Operation

The P2P.me protocol is built as a decentralized, on-chain system that connects users looking to swap USDC with a network of individuals and businesses that provide fiat liquidity. ^[1]​

Protocol Architecture

The core of the platform is a peer-to-peer network that directly matches buyers and sellers of USDC for fiat currency. All transactions are recorded on-chain, providing a transparent ledger of activity. The architecture is non-custodial, ensuring that users maintain control over their digital assets throughout the swap process. This model contrasts with centralized exchanges that require users to deposit funds into a company-controlled wallet. ^{[1] [2]}​

Liquidity Providers

​Liquidity Providers (LPs) are a critical component of the P2P.me ecosystem. They use a dedicated "P2P.me Merchant App" to fulfill user orders. When a user initiates a swap, an LP accepts the request and uses their own registered bank account to send or receive the corresponding fiat amount.

In return for providing this service and facilitating liquidity, LPs earn a 2% commission on the value of every transaction they successfully complete. ^[1]​

Privacy and Security

P2P.me incorporates several features aimed at ensuring privacy and security. The platform uses zk-KYC, a form of zero-knowledge identity verification. This technology allows the protocol to confirm a user's identity as required for compliance and risk management without revealing the user's personal data to any party, including P2P.me itself. This process is used to unlock higher transaction limits. ^[1]​

For fraud prevention, the protocol employs a system called ZK-Social Verification to screen users. The platform claims this system contributes to a very low fraud rate of less than 1 in every 25,000 transactions. ^[1]​

Services and Features

Fiat-to-Crypto Swaps

The primary function of P2P.me is enabling direct swaps between the USDC stablecoin and various local fiat currencies. The platform is designed to provide a fast and direct on-ramp and off-ramp between the traditional financial system and the digital asset economy. ^[1]​

Global Payment Integration

The protocol is engineered to be compatible with major QR-based local payment networks in several emerging markets. This integration allows for seamless transactions using systems familiar to local users. Supported networks include:

• Unified Payments Interface (UPI) in India
• PIX in Brazil
• QRIS in Indonesia

This integration is a core aspect of the platform's strategy to facilitate adoption in these regions. ^[1]​

Bank Freeze Protection (India)

To address a specific risk associated with P2P cryptocurrency transactions in India, where users' bank accounts can be frozen, P2P.me has implemented a multi-faceted protection program.

The platform advises users to use a separate bank account dedicated solely to P2P activities to mitigate risks. For users who do experience an account freeze, P2P.me provides access to a community legal team for assistance.

Furthermore, the company introduced a financial guarantee: for any transaction conducted after September 1, 2025, that leads directly to a bank account freeze, P2P.me offers a 100% refund in USDC. ^[1]​

Tokenomics

P2P.me has a native utility token named $P2P. The platform's official website has indicated that a live token sale for $P2P was in progress, although specific details regarding the token's utility, total supply, or distribution model were not provided in the available sources. ^[1]

The public fundraising event in March 2026 on MetaDAO may have been related to this token sale. ^[2]​

Controversies

Polymarket Fundraise/Betting Incident

In March 2026, P2P.me became embroiled in a controversy related to its fundraising activities. It was discovered that an account named "P2P Team" had placed wagers on Polymarket, a crypto-based prediction market, regarding the outcome of its own public fundraise on MetaDAO. ^[2]​

The wagers included bets on at least two different funding milestones.

One set of wagers was on the company achieving a funding target of 6 million milestone, which the company did achieve, resulting in a profit of less than $15,000 from the winning bets. Key financial backers of the project, including Coinbase Ventures and Multicoin Capital, were reportedly unaware of these activities. ^[2]​

In response to the public discovery, P2P.me issued an apology on the social media platform X (formerly Twitter). The company described its actions as an "inappropriate attempt at conveying conviction to the public" which "created confusion and hurt trust."

P2P.me also promised to implement a new internal company policy regarding the use of prediction markets. Following the incident, the fundraising platform MetaDAO facilitated a process for investors to withdraw their commitments, which resulted in approximately $20,000 being refunded. ^[2]​