Redemption
Authorised participants mint and redeem your stablecoin against a fiat leg through your banking partners. A request completes only when both the fiat leg and the on-chain mint or burn have cleared.
Updated 08 Nov 20261 min read
Open Issuance › Redemption. The strip at the top shows open requests, net mint today and the number of authorised participants.
#The redemption queue
Each request shows its reference (for example RDM-5012), the participant, the type (mint or redeem), the amount, the fiat leg state and the on-chain state.
| Fiat leg | Meaning |
|---|---|
| Awaited | A mint request is waiting for the participant's payment |
| Received | The participant's payment has reached your bank |
| Payout queued | A redemption's fiat payout is queued with your bank |
| Paid out | The participant has been paid |
The on-chain state uses the same statuses as any movement: it shows how many signatures have been collected, then minted or burned.
#A mint request
- Select New request, choose the participant, Mint and the amount.
- When the participant's payment is Received, the request becomes a mint movement for the minter's quorum to sign. It carries the request's reference.
- The request completes when the mint is confirmed.
#A redemption
- Select New request, choose the participant, Redeem and the amount.
- The participant's tokens are burned in a burn movement signed by the quorum.
- The fiat payout is queued and the request completes when it is Paid out.
Required permissions: Mint tokens (MINT_TOKENS) or Burn tokens (BURN_TOKENS) for the on-chain leg.
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