diff --git a/licensing-service/src/api/buy_page.rs b/licensing-service/src/api/buy_page.rs
index a359e7c..07307a2 100644
--- a/licensing-service/src/api/buy_page.rs
+++ b/licensing-service/src/api/buy_page.rs
@@ -88,11 +88,33 @@ pub async fn render(
     .or_else(|| public_policies.first().cloned());
 
     // The price displayed in the cert card on initial render.
-    let displayed_price = initial_policy
+    // For SAT-currency products this is straightforward — show
+    // the sat amount. For USD/EUR-priced products we render the
+    // listed amount (e.g. "$49.00") with the unit cell switched
+    // to the currency code instead of "sats". The tier picker
+    // (when multiple policies are public) currently still
+    // formats per-tier prices as sats; that's a v0.3 polish
+    // when we plumb the rate fetcher into the JS render path.
+    let is_fiat = product.price_currency != "SAT";
+    let displayed_price_sats = initial_policy
         .as_ref()
         .and_then(|p| p.price_sats_override)
         .unwrap_or(product.price_sats);
-    let price_sats_fmt = format_thousands(displayed_price);
+    let (price_sats_fmt, price_unit_label) = if is_fiat {
+        // price_value is in cents (USD/EUR). Render as e.g. "49.00"
+        // for $49.00 — the symbol/code goes in the unit cell.
+        let cents = product.price_value;
+        let formatted = format!("{}.{:02}", cents / 100, (cents.abs() % 100));
+        let unit = match product.price_currency.as_str() {
+            "USD" => "USD".to_string(),
+            "EUR" => "EUR".to_string(),
+            other => other.to_string(),
+        };
+        (formatted, unit)
+    } else {
+        (format_thousands(displayed_price_sats), "sats".to_string())
+    };
+    let _ = displayed_price_sats; // unused on the fiat path
     let initial_policy_slug = initial_policy
         .as_ref()
         .map(|p| p.slug.clone())
@@ -440,7 +462,7 @@ footer.kfooter a:hover {{ color:var(--navy-900); }}
     <div class="price-label" id="price-label">Price</div>
     <div class="price" id="price-display">
       <span id="price-strike-line" class="price-strike" style="display:none"></span>
-      <span id="price-current">{price_sats_fmt}</span><span class="unit">sats</span>
+      <span id="price-current">{price_sats_fmt}</span><span class="unit">{price_unit_label}</span>
       <span id="price-discount-tag" class="price-discount-tag" style="display:none"></span>
     </div>
   </div>
@@ -819,6 +841,7 @@ footer.kfooter a:hover {{ color:var(--navy-900); }}
         product_slug = product_slug,
         product_description = product_description,
         price_sats_fmt = price_sats_fmt,
+        price_unit_label = price_unit_label,
         tiers_html = tiers_html,
         slug_json = serde_json::to_string(&product.slug).unwrap_or_else(|_| "\"\"".into()),
         tiers_json = tiers_json,
diff --git a/licensing-service/src/api/discount_codes.rs b/licensing-service/src/api/discount_codes.rs
index cb47ca8..2ce2b39 100644
--- a/licensing-service/src/api/discount_codes.rs
+++ b/licensing-service/src/api/discount_codes.rs
@@ -24,6 +24,12 @@ pub struct CreateDiscountCodeReq {
     pub kind: String,
     /// Basis points if kind == 'percent' (0..=10000); sats if kind == 'fixed_sats'.
     pub amount: i64,
+    /// Currency for the `amount` field when `kind` is `fixed_sats`
+    /// or `set_price`. 'SAT' (default), 'USD', or 'EUR'.
+    /// Currency-agnostic for `kind = 'percent'` — basis points apply
+    /// to whatever currency the product is priced in.
+    #[serde(default)]
+    pub discount_currency: Option<String>,
     #[serde(default)]
     pub max_uses: Option<i64>,
     /// ISO-8601 RFC3339 UTC timestamp.
@@ -80,11 +86,31 @@ pub async fn create(
         None
     };
 
-    let code = repo::create_discount_code(
+    // Validate + normalize discount_currency. Accept SAT (default),
+    // USD, EUR. For 'percent' codes the currency is irrelevant (basis
+    // points are unitless) but we still record it so a future audit
+    // can answer "what did the operator INTEND when they created this
+    // code" — operators sometimes use a percent code with a fiat
+    // mental model.
+    let discount_currency = match req.discount_currency.as_deref() {
+        None | Some("") => "SAT".to_string(),
+        Some(c) => {
+            let c = c.to_uppercase();
+            if !matches!(c.as_str(), "SAT" | "USD" | "EUR") {
+                return Err(AppError::BadRequest(format!(
+                    "unsupported discount_currency '{c}'; accepted: SAT, USD, EUR"
+                )));
+            }
+            c
+        }
+    };
+
+    let code = repo::create_discount_code_with_currency(
         &state.db,
         &req.code,
         &req.kind,
         req.amount,
+        &discount_currency,
         req.max_uses,
         req.expires_at.as_deref(),
         product_id.as_deref(),
diff --git a/licensing-service/src/api/purchase.rs b/licensing-service/src/api/purchase.rs
index 4ff0be4..4d78577 100644
--- a/licensing-service/src/api/purchase.rs
+++ b/licensing-service/src/api/purchase.rs
@@ -108,11 +108,45 @@ pub async fn start(
         None
     };
 
-    // Effective base price: policy override if set, else product price.
-    let base_price = chosen_policy
-        .as_ref()
-        .and_then(|p| p.price_sats_override)
-        .unwrap_or(product.price_sats);
+    // Effective base price in sats. For SAT-priced products this is
+    // straightforward (policy override or product.price_sats). For
+    // fiat-priced products (USD, EUR), we convert the listed value
+    // to sats here using the daemon's rate fetcher — the rate gets
+    // recorded on the invoice row below for audit. The CONTRACT to
+    // the buyer is sat-denominated either way; the listed currency
+    // is just the operator's display preference.
+    //
+    // We capture the listed (currency, value) and the rate-source
+    // tuple so the invoice row carries the full audit trail.
+    let mut listed_currency: Option<String> = None;
+    let mut listed_value: Option<i64> = None;
+    let mut exchange_rate_centibps: Option<i64> = None;
+    let mut exchange_rate_source: Option<String> = None;
+
+    let base_price: i64 = if product.price_currency == "SAT" {
+        chosen_policy
+            .as_ref()
+            .and_then(|p| p.price_sats_override)
+            .unwrap_or(product.price_sats)
+    } else {
+        // Fiat-priced. Use the policy override (in the same currency
+        // as the product) if set, otherwise the product's listed
+        // value. v0.3 will introduce per-policy currency overrides;
+        // for now policies inherit the product's currency.
+        let listed = chosen_policy
+            .as_ref()
+            .and_then(|p| p.price_sats_override) // legacy column; may carry override in fiat units after admin UI lands
+            .unwrap_or(product.price_value);
+        let conversion =
+            crate::rates::convert_to_sats(&state, &product.price_currency, listed)
+                .await
+                .map_err(|e| AppError::Upstream(format!("rate fetch failed: {e:#}")))?;
+        listed_currency = Some(product.price_currency.clone());
+        listed_value = Some(listed);
+        exchange_rate_centibps = conversion.rate_centibps;
+        exchange_rate_source = Some(conversion.source);
+        conversion.sats
+    };
 
     // Resolve and validate the discount code if one was supplied. The
     // ordering here matters: we must atomically reserve a counter slot
@@ -336,7 +370,7 @@ pub async fn start(
     // Use internal_id we pre-generated (and baked into the BTCPay
     // redirect_url) as the local row id so /v1/purchase/<id> and
     // /thank-you?invoice_id=<id> all resolve to the same row.
-    let invoice = match repo::create_invoice(
+    let invoice = match repo::create_invoice_with_currency(
         &state.db,
         &internal_id,
         &created.provider_invoice_id,
@@ -346,6 +380,10 @@ pub async fn start(
         req.buyer_email.as_deref(),
         req.buyer_note.as_deref(),
         chosen_policy.as_ref().map(|p| p.id.as_str()),
+        listed_currency.as_deref(),
+        listed_value,
+        exchange_rate_centibps,
+        exchange_rate_source.as_deref(),
     )
     .await
     {
diff --git a/licensing-service/src/db/repo.rs b/licensing-service/src/db/repo.rs
index 1000174..67e7025 100644
--- a/licensing-service/src/db/repo.rs
+++ b/licensing-service/src/db/repo.rs
@@ -257,13 +257,55 @@ pub async fn create_invoice(
     buyer_email: Option<&str>,
     buyer_note: Option<&str>,
     policy_id: Option<&str>,
+) -> AppResult<Invoice> {
+    create_invoice_with_currency(
+        pool,
+        id,
+        btcpay_invoice_id,
+        product_id,
+        amount_sats,
+        checkout_url,
+        buyer_email,
+        buyer_note,
+        policy_id,
+        None,
+        None,
+        None,
+        None,
+    )
+    .await
+}
+
+/// Currency-aware invoice creation. For SAT-priced products, the
+/// listed_/exchange_ args are all `None` (sat-priced flows have no
+/// rate to record). For fiat-priced products, the caller passes the
+/// listed currency + value (what the buyer SAW) and the rate
+/// (centibps + source) used to convert to BTC. amount_sats is
+/// always the BTC amount the buyer is actually billed.
+#[allow(clippy::too_many_arguments)]
+pub async fn create_invoice_with_currency(
+    pool: &SqlitePool,
+    id: &str,
+    btcpay_invoice_id: &str,
+    product_id: &str,
+    amount_sats: i64,
+    checkout_url: &str,
+    buyer_email: Option<&str>,
+    buyer_note: Option<&str>,
+    policy_id: Option<&str>,
+    listed_currency: Option<&str>,
+    listed_value: Option<i64>,
+    exchange_rate_centibps: Option<i64>,
+    exchange_rate_source: Option<&str>,
 ) -> AppResult<Invoice> {
     let now = Utc::now().to_rfc3339();
     sqlx::query(
         "INSERT INTO invoices
          (id, btcpay_invoice_id, product_id, status, buyer_email, buyer_note,
-          amount_sats, checkout_url, policy_id, created_at, updated_at)
-         VALUES (?, ?, ?, 'pending', ?, ?, ?, ?, ?, ?, ?)",
+          amount_sats, checkout_url, policy_id,
+          listed_currency, listed_value, exchange_rate_centibps, exchange_rate_source,
+          created_at, updated_at)
+         VALUES (?, ?, ?, 'pending', ?, ?, ?, ?, ?, ?, ?, ?, ?, ?, ?)",
     )
     .bind(id)
     .bind(btcpay_invoice_id)
@@ -273,6 +315,10 @@ pub async fn create_invoice(
     .bind(amount_sats)
     .bind(checkout_url)
     .bind(policy_id)
+    .bind(listed_currency)
+    .bind(listed_value)
+    .bind(exchange_rate_centibps)
+    .bind(exchange_rate_source)
     .bind(&now)
     .bind(&now)
     .execute(pool)
@@ -1714,6 +1760,45 @@ pub async fn create_discount_code(
     applies_to_policy_id: Option<&str>,
     referrer_label: Option<&str>,
     description: &str,
+) -> AppResult<DiscountCode> {
+    create_discount_code_with_currency(
+        pool,
+        code,
+        kind,
+        amount,
+        "SAT",
+        max_uses,
+        expires_at,
+        applies_to_product_id,
+        applies_to_policy_id,
+        referrer_label,
+        description,
+    )
+    .await
+}
+
+/// Currency-aware discount code creation. `discount_currency` is
+/// 'SAT' (default), 'USD', or 'EUR' — interpretation depends on
+/// `kind`:
+///   - 'percent': basis points, currency-agnostic (recorded for audit).
+///   - 'fixed_sats': amount is in the smallest unit of currency
+///                   (sats for SAT, cents for USD/EUR). Name is
+///                   stale post-Phase 6 but kept for back-compat.
+///   - 'set_price': amount is in the smallest unit of currency.
+///   - 'free_license': amount + currency irrelevant.
+#[allow(clippy::too_many_arguments)]
+pub async fn create_discount_code_with_currency(
+    pool: &SqlitePool,
+    code: &str,
+    kind: &str,
+    amount: i64,
+    discount_currency: &str,
+    max_uses: Option<i64>,
+    expires_at: Option<&str>,
+    applies_to_product_id: Option<&str>,
+    applies_to_policy_id: Option<&str>,
+    referrer_label: Option<&str>,
+    description: &str,
 ) -> AppResult<DiscountCode> {
     if !matches!(
         kind,
@@ -1767,15 +1852,16 @@ pub async fn create_discount_code(
     let stored_amount = if kind == "free_license" { 0 } else { amount };
     sqlx::query(
         "INSERT INTO discount_codes
-         (id, code, kind, amount, max_uses, used_count, expires_at,
+         (id, code, kind, amount, discount_currency, max_uses, used_count, expires_at,
           applies_to_product_id, applies_to_policy_id, referrer_label,
           description, active, created_at, updated_at)
-         VALUES (?, ?, ?, ?, ?, 0, ?, ?, ?, ?, ?, 1, ?, ?)",
+         VALUES (?, ?, ?, ?, ?, ?, 0, ?, ?, ?, ?, ?, 1, ?, ?)",
     )
     .bind(&id)
     .bind(&normalized)
     .bind(kind)
     .bind(stored_amount)
+    .bind(discount_currency)
     .bind(max_uses)
     .bind(expires_at)
     .bind(applies_to_product_id)
diff --git a/licensing-service/tests/api.rs b/licensing-service/tests/api.rs
index b3cc48b..100c328 100644
--- a/licensing-service/tests/api.rs
+++ b/licensing-service/tests/api.rs
@@ -1140,6 +1140,70 @@ async fn recover_returns_license_key_for_matching_pair() {
     assert_eq!(audit_count, 1, "recovery must write an audit row");
 }
 
+/// USD-priced paid purchase records the listed currency, value, and
+/// exchange rate on the invoice row. Uses a manual rate pin so the
+/// test is network-free and the conversion is exactly verifiable.
+#[tokio::test]
+async fn paid_purchase_in_usd_records_listed_currency_and_rate() {
+    let (state, _tmp) = make_test_state_with_mock_provider().await;
+
+    // Pin USD at $50,000 / BTC. $49.00 (4900 cents) → 9800 sats:
+    //   sats = 4900 * 1_000_000 / 50000 = 98000... wait
+    //   4900 * 1_000_000 = 4_900_000_000
+    //   4_900_000_000 / 50_000 = 98_000
+    sqlx::query("INSERT INTO settings(key, value, updated_at) VALUES('manual_rate_pin_USD', '50000', ?)")
+        .bind(Utc::now().to_rfc3339())
+        .execute(&state.db)
+        .await
+        .unwrap();
+
+    // USD-priced product via the typed admin endpoint.
+    let auth = format!("Bearer {}", TEST_ADMIN_KEY);
+    let req = build_request(
+        "POST",
+        "/v1/admin/products",
+        &[("authorization", &auth)],
+        Some(json!({
+            "slug": "usd-app",
+            "name": "USD App",
+            "price_currency": "USD",
+            "price_value": 4900,
+        })),
+    );
+    let resp = send(&state, req).await;
+    assert_eq!(resp.status(), StatusCode::OK);
+
+    // Initiate purchase. Should call create_invoice with the rate
+    // recorded.
+    let req = build_request(
+        "POST",
+        "/v1/purchase",
+        &[("content-type", "application/json")],
+        Some(json!({"product": "usd-app"})),
+    );
+    let resp = send(&state, req).await;
+    assert_eq!(resp.status(), StatusCode::OK);
+    let body = body_json(resp).await;
+    assert_eq!(
+        body["amount_sats"], 98_000,
+        "$49.00 at $50k/BTC = 98,000 sats — got {body:?}"
+    );
+
+    // The invoice row carries the audit trail.
+    let row: (Option<String>, Option<i64>, Option<i64>, Option<String>, i64) = sqlx::query_as(
+        "SELECT listed_currency, listed_value, exchange_rate_centibps, \
+         exchange_rate_source, amount_sats FROM invoices WHERE btcpay_invoice_id = 'mock-inv-1'"
+    )
+    .fetch_one(&state.db)
+    .await
+    .unwrap();
+    assert_eq!(row.0.as_deref(), Some("USD"));
+    assert_eq!(row.1, Some(4900));
+    assert_eq!(row.2, Some(500_000_000), "rate × 10000: 50000 × 10000");
+    assert_eq!(row.3.as_deref(), Some("manual_pin"));
+    assert_eq!(row.4, 98_000);
+}
+
 /// Rate fetcher: manual pin in settings table overrides the source
 /// chain. Locks in the test-mode + maintenance-window contract that
 /// other phases (invoice rate recording, buy-page rendering) rely on.