Minting and Reedeming
Minting and redemption can be done in three ways, depending on the client's choice.
Genify supports three methods for minting and redemption of assets, depending on the client's preference.
Option 1: Using Stable Labs’s Fiat-Backed stablecoins
Near-Instant Process: Stable Labs's fiat-backed STABLEcoins provide a near-instant minting and redemption process.
Seamless Integration: The seamless integration of Stable Labs's proprietary STABLEcoins ensures a quick and efficient transaction.
Option 2: Using Fiat-Backed Stablecoins from Third-party Issuers
Two-Step Procedure: If you choose fiat-backed stablecoins from other issuers, the process is as follows:
Redemption for Credits: First, you need to redeem the stablecoins for credits. This step can take up to a few days. These credits represent the fiat currency (e.g., US Dollar, Euro or other fiat currencies) in the client's Genify account and are redeemable for cash or usable for minting RWAs, Stablecoins, or minting USDC/USDT.
Requesting RWA Minting: Next, you need to request RWA minting using the credits, which is processed almost instantly.
Option 3: Using Fiat.
Straightforward Process: Deposited fiat provides a near-instant minting and redemption process.
Client Registration and Compliance
KYC and AML Checks: Regardless of the option they select, users must be registered on our platform with completed and valid KYC (Know Your Customer) and AML (Anti-Money Laundering) checks with approved wallet ownership.
What Are Credits
Definition: Credits represent the fiat currency deposited onto the Genify platform in a 1:1 ratio. They can be used for minting stablecoins, RWAs, and for cash withdrawals.
Acquisition: Users can acquire credits by depositing money via wire transfer to the Genify brokerage or by redeeming whitelisted stablecoins.
Currency Display: Each currency has separate credits, displayed in the user dashboard on Stable Labs as USD or EUR by default.
Credits are just fiat currency held in our deposit accounts, which are completely separated from Genifys' or Stable Labs' operational accounts and held in a bankruptcy remote structure.
Last updated