How Tonle Works

Tonle is a peer-to-peer exchange. Buyers pay KHR or USD via Bakong KHQR and receive USDC or USDT on Base.

For Buyers

No account needed. Just a wallet address to receive stablecoins.

Step 1

Enter the amount you want to pay or receive

On the home page, enter how much fiat you want to pay (KHR or USD) or how many stablecoins you want to receive (USDC or USDT). Use the swap arrow to toggle between the two. Quotes from available liquidity providers appear automatically.

Step 2

Select a quote and enter your recipient wallet

Choose the quote that suits you best. Enter the Base wallet address (0x… or ENS name) where you want to receive your stablecoins, then click Buy Now.

Step 3

Pay via Bakong KHQR

A unique KHQR code is generated for your order. Scan it in your Bakong app or any mobile banking app or tap Pay with Bakong on mobile to open the app directly. You have 15 minutes to complete the payment.

Step 4

Stablecoins arrive in your wallet

Once your payment is confirmed on Bakong, Stablecoins are sent directly to your wallet on Base with no required action needed from liquidity provider.

Start buying

For Liquidity Providers

Lock USDC or USDT into the pool and receive payments whenever an order matches your position.

Step 1

Connect your wallet and set your Bakong ID

Connect a Base-compatible EVM wallet. Before creating a position, set your Bakong account ID and the merchant name that will appear on buyers' KHQR payment screens.

Step 2

Set your deposit amount and max order size

Choose USDC or USDT, enter the Deposit amount to lock in the pool, and set your Max Order Amount — the largest single buy order you are willing to fill at once.

Step 3

Configure your pricing tiers

Add Pricing Tiers to offer different rates depending on order size. Buyers are automatically matched to the tier that fits their order amount.

Step 4

Approve and deposit

Click Deposit. Your wallet will prompt you to first approve the token spend, then confirm the deposit transaction. Once on-chain, your position goes live and buyers can match against it.

Become a provider

Tonle vs Centralised P2P

How Tonle compares to centralised P2P platforms like Binance P2P.

	Tonle	Binance P2P
Account / KYC	Not required — wallet address only	Account + KYC required
Custody of funds	Non-custodial smart contract	Binance holds funds in escrow
Pricing tiers	Supported — tiered rates per order size	Not supported — single rate per position
Split order	Supported — split large amount to many LPs to maximise utility	Not supported — one buyer matches with one seller
Settlement	Automatic once payment confirmed	Manual — seller must click Release
Counterparty risk	None — contract enforces release	Seller can delay or dispute
Transparency	All transactions publicly on-chain	Opaque internal ledger
Fees	Charged to LP only; fixed rate on-chain	Charged to ad poster; embedded in spread
Payment method	Bakong KHQR (KHR & USD)	Bank transfer, e-wallet, varies

Security & Trust

Non-custodial smart contract on Base. Funds are tracked per deposit and can only leave the contract via two paths: a verified buyer release or an LP-authorised withdrawal — nothing else.
Payments verified before any on-chain release. The operator calls release() only after the Bakong Open API confirms the exact fiat amount. If the API is unavailable, all releases are paused to prevent discrepancies.
Withdrawals require your signature. The operator triggers withdrawals on your behalf, but the contract enforces an EIP-712 WithdrawAuth signature from the original depositing wallet. Without your cryptographic approval, no withdrawal can succeed — the operator cannot move your funds unilaterally.
Block confirmations on all contract writes. Every on-chain transaction — deposit, refill, withdrawal, and release — is considered final only after it accumulates enough block confirmations, ensuring the transaction cannot be reverted by a chain reorganisation before state is updated.
Transparent, on-chain fee accounting. Platform fees are charged to the liquidity provider, never the buyer. Fees accumulate in an on-chain ledger and are withdrawn by the fee recipient on demand — no hidden deductions.