Buying & Selling
Investors can mint and redeem USDXT shares in a single onchain Ethereum transaction. Customers may purchase USDX with USD via XFT API, web app or distribution partner.
Burn = Withdraw = Offramp = Redeem = Sell
Mint = Deposit = Onramp = Create = BuyXFT DIGITAL DOLLAR (USDXT)
INSTANT SUBSCRIPTION
1 Go to the XFT web app (app.xft.finance) 2 Connect your wallet to the Smart Contract Router 3 On the “Fund” tab, select the appropriate stablecoin (PYUSD/USDC/FOBXX) you wish to use for minting USDXT and enter a deposit amount 4 Enter the amount of USDXT you wish to mint 5 Click “Add Funds” to instantly deposit stablecoin and mint USDXT into your designated whitelisted wallet at the price shown
INSTANT REDEMPTION
1 Go to the XFT web app (app.xft.finance) 2 Connect your wallet to the Smart Contract Router 3 On the “Redeem” tab, select the stablecoin you wish to receive (PYUSD/USDC/FOBXX) 4 Enter the amount of USDXT you wish to redeem 5 Click “Redeem Funds” to burn USDXT at the price shown and receive the selected stablecoin in your wallet
Traditional Method
Subscription and Redemption are available on US Business Days. Redemptions made before 2:00 pm ET are processed by 5:00 pm ET the same day. Redemptions made after 2:00 pm ET are processed by 11:00 am ET the next day.
SUBSCRIPTION
1 Send stablecoin (PYUSD/USDC/FOBXX) to given XFT wallet 2 Notify a XFT representative 3 Receive minted USDXT in your designated whitelisted wallet REDEMPTION
1 Send USDXT to XFT wallet or burn USDXT directly on-chain 2 Notify a Hashnote representative 3 Receive stablecoin or fiat
FRANKLIN ONCHAIN U.S. GOVERNMENT MONEY FUND (FOBXX)
INSTANT REDEMPTION
1 User holds 10 FOBXX tokens 2 Fund holds 10 USDXT tokens in reserve 3 User initiates atomic swap request 4 User sends 10 FOBXX to escrow contract 5 Fund sends 10 USDXT to escrow contract 6 Contract executes simultaneous swap 7 User receives 10 USDXT 8 Fund receives 10 FOBXX tokens 9 Fund burns 10 FOBXX tokens
INSTANT SUBSCRIPTION
1 User holds 10 USDXT tokens 2 Fund holds treasury securities backing 3 User sends 10 USDXT to escrow contract 4 Fund mints 10 new FOBXX tokens to escrow 5 Contract executes simultaneous swap 6 User receives 10 FOBXX tokens 7 Fund receives 10 USDXT
GUGGENHEIM TREASURY SERVICES DIGITAL COMMERCIAL PAPER
INSTANT REDEMPTION
1 User sends DCP to XFT 2 XFT sends DCP to Guggenheim 3 Guggenheim sends USD or USDXT to XFT 4 XFT mints/transfers USDXT to User 5 Guggenheim burns DCP
Minting
1 User deposits GDCP 2 XFT (admin) confirms 3 Contract sends GDCP to admin 4 Contract mints USDXT to user
Transfer
1 User deposits GDCP 2 Guggenheim (admin) confirms 3 Contract sends GDCP to admin 4 Contract transfers USDXT to user
Why mint redemption? Large / unpredictable redemptions. Mint path avoids liquidity crunches for fund manager.
Why transfer redemption? Small / frequent redemptions. P2P transfer path works if reserve buffer sized correctly.
BUIDL & USDC
INSTANT MINT SUBSCRIPTION
Step 1: Atomic Mint Transaction (1) The user interacts with the InstantManager smart contract to request a subscription. (2) The InstantManager contract immediately routes the investor’s USDC to the USDXT Coinbase Account of XFT. (3) The InstantManager contract calls the Price Oracle contract to (4) get the current price of USDXT. (5) The instantManager contract uses that price to calculate how many USDXT to mint. (6) The InstantManager contract then calls the mint() function in the USDXT smart contract, which (7) mints the correct number of USDXT tokens. (8) The InstantManager contract then routes these newly minted USDXT tokens to the investor.
Step 2: Manual Processing (1) Operations team converts USDC to USD (2) Team wires USD to Fund's custodial account (3) Team places buy order for BUIDL tokens (4) Team wires money from custodian to fill BUIDL order (5) BUIDL tokens are minted and sent to USDXT's smart contract for storage
INSTANT REDEMPTION
(1) The investor initiates the redemption to the USDXTInstantManager smart contract. (2) The InstantManager contract calls the transferFrom() function of the USDXT Token contract, which causes (3) the USDXT to be transferred from the investor’s wallet into the InstantManager contract, which then (4) burns the USDXT. To figure out how much USDC is due to the investor (and therefore how many BUIDL are necessary to sell), the InstantManager contract (5) calls the getPriceData() function in the USDXT Price Oracle, which (6) returns the price. Once the InstantManager contract (7) determines how many BUIDL must be sold, it (8) initiates the redeem() function in the Circle BUIDL redemption contract, which then (9) returns USDC. Finally, (10), the InstantManager sends the USDC to the investor’s wallet.
Non-instant mint and redemption occurs in a similar way, but with more manual steps and non-atomically.
What currency or stablecoins can I use to invest in USDXT?
We currently support investing via USDC, PYUSD, RLUSD, or USD bank wire.
What currency or stablecoins can I redeem USDXT for?
We currently support redeeming to USDC, PYUSD, RLUSD, or USD bank wire. What is the expected and maximum time for users to subscribe to and redeem from your product? Have you had any interruptions in your ability to process redemptions and subscriptions?
Users can expect instant atomic onchain 24/7 minting and redemptions into FOBXX and USDC 24/7 via XFT’s router smart contract.
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