What is a memo and do I need one for my first swap

07 September 2026

A memo is an optional label you attach to a deposit, and no, you do not need one for your first swap. You can safely ignore memos unless you are sending coins to an exchange that requires them.

Here is why. Many cryptocurrency networks, especially those using the Stellar or XRP Ledger, share a single deposit address for all users. When you send coins to that address, the exchange cannot tell whose deposit it is without extra information. The memo is that extra piece of data. It is a short number or text string that the exchange assigns to you when you request a deposit address. You must include it in your transaction exactly as provided, or the exchange will not credit your account.

For your first swap, however, you are not sending to an exchange. You are sending to the swap service's deposit address. That address is generated uniquely for your swap and is used only once. The service does not need a memo because the address itself already identifies your transaction. Including a memo in that case is harmless - most services simply ignore it - but it is unnecessary.

Some people worry about forgetting a memo and losing funds. For the kind of swap described on the hub page "How stablecoin swaps work step by step," that risk does not apply. The deposit address changes each time you start a swap. That single-use address is your identifier. No memo is required.

When might a memo become relevant? If you later move coins to a centralized exchange for trading or withdrawal, that exchange will likely ask for a memo or tag. Every exchange handles this differently. Some call it a "destination tag," "payment ID," or "memo ID." The exchange will display the required memo on its deposit page. You must copy it exactly and include it in your transaction. If you send to an exchange without the memo, the deposit may be delayed or lost. Support teams can usually recover it, but the process takes days.

For your first swap, stick to the simple case. The swap service gives you a deposit address. You send coins to that address. No memo. That is all.

If you are swapping a token that does use memos - for example, if you ever swap XRP or Stellar-based tokens through a service that reuses addresses - the service will tell you. It will show a memo field on the deposit page. In that situation, you must include the memo. But for the stablecoin swaps covered by the hub page, the deposit address is unique per swap, and memos are not needed.

The rule of thumb: if the deposit page shows a memo field, fill it. If it does not, leave it blank. For your first swap, it will not be there.

Do not overthink this. A memo is a label for shared addresses. Your first swap uses a private, one-time address. You do not need a label. Send the coins, confirm the transaction, and move on. The next page in this set, "How do I know my swap actually went through," explains what to check after you send. That is the part worth reading carefully.

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