Stablecoin Minting & Redeeming

The architectural design for stablecoin minting and redemption involves two primary contracts: the Treasury contract and the Stablecoin contract, both managed by a multi-signature wallet. Only clients who have passed KYC/KYB and AML screenings can mint or redeem stablecoins.

Minting Process

1. KYC and AML Checks:

   • Users must complete KYC and AML checks.

   • The user's Genify account must be topped up with fiat.

2. Minting Request:

   • Users request the minting of stablecoins.

3. Verification:

   • We verify the user's fiat balance on Genify.

4. Treasury Request:

   • A request is sent to the treasury to issue stablecoins.

5. Issuance:

   • If the treasury has enough authorized stablecoins, they are issued to the user.

   • If not, or if the requested amount is too high, the request goes to a multi-signature wallet, which authorizes the necessary amount of stablecoins to the treasury.

Redemption Process

1. Redemption Request:

   • A registered and KYC-verified client requests redemption.

2. Transfer to Treasury:

   • The stablecoins are transferred to the treasury.

3. Proof of Reserve (PoR) Update:

   • The PoR is updated.

4. Fiat Credit:

   • The fiat balance is credited to the client's Genify account.

5. Withdrawal:

   • The user can withdraw the credited fiat to their bank account.