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NOTE: Please see my r/Stellar post about my project for more information.

Question How to trade self-issued coins using fiat exchange rates?

Say I have two coins called MEUR and MUSD, representing a credit in our system. We would issue these coins when a user makes a deposit to their account in their respective currency. E.g. 10€ deposit would get a 10 MEUR credit. For the system to know the user's exact balance and how much it is worth when they would like to withdraw currency from our system to their bank account, we can not allow outsiders to trade and hold these coins. This results in no liquidity to exchange MEUR to MUSD for example on the built-in Stellar exchange.

The platform would allow for sending payments between different currencies with fiat exchange rates. Say if 10€ is worth $11.12, then when a user transfers 10 MEUR, the recipient shall get 11.12 MUSD. When the recipient withdraws their 11.12 MUSD to their USD based bank account, they shall receive exactly $11.12.

Problem I have not found a proper solution to this. I can not use the built in path payments because there are no offers currently available. Maybe in the future with a big user base, that would be possible.

I am looking for a solution how to send 10MEUR so that the recipient would get 11.12 MUSD or 763.34MCNY or 3236.94MHUF in their respective currency with a predefined (fiat) exchange rate.

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