Overview
Description of the stablecoins-as-a-service process on Stable.
Platforms and businesses that implement Stable's Stablecoin-as-a-service connect directly to our backend and are whitelisted to perform mint/redeem functions on behalf of users who have passed internal KYC/AML checks.
Unique Bank Accounts: Each client (fintech, centralized exchange, or other institution) receives a unique bank account for each currency, included in our Proof of Reserve (PoR) for each partner platform. This account is used exclusively for deposits and withdrawals by their users and is connected to our backend. The balance reflects the minted and redeemed stablecoins through the platform based on fiat deposits and withdrawals.
Interchangeable Stablecoins: Stablecoins received by each platform are interchangeable, allowing users to mint on one platform and redeem on another, or transfer to their chosen blockchain.
Plug and Build Feature
The Plug and Build feature enables seamless integration for Stablecoins minting and redeeming into existing platforms.
Issuance of Stablecoins
Any platform integrated with our organizational APIs can use our stablecoins as a native asset for all transactions. The process is as follows:
Minting Request:
Users initiate a minting request for our fiat-backed stablecoins through the platform.
Users transfer the equivalent fiat amount to the platform’s fiat account opened with Stable.
Transfer Confirmation:
The request reaches us through the API provided to the platform.
We confirm the transfer with the reference ID included in the transfer.
Stablecoin Issuance:
Upon confirmation of the fiat transfer, the requested stablecoins are issued to the platform from our treasury contract.
The platform then distributes the stablecoins to the user.
Redemption of Stablecoins
Users can redeem fiat-backed stablecoins to their fiat equivalent amount through the following process:
Redemption Request:
Users initiate a redemption request through the platform.
The platform transfers the equivalent stablecoins to the treasury contract.
API Request:
The platform sends a redemption request to Stable through the API, including the required payload for verification.
Fiat Transfer:
Upon confirmation of the token transfer to the treasury, we initiate the fiat transfer to the account provided by the platform for the user.
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