ugxFIAT - A Ugandan Shilling-Backed Token

ugxFIAT represents the total amount of Ugandan Shillings in Fiatsend's reserves and is burnt upon settlement completion.

How does ugxFIAT work?

Creation of ugxFIAT

To mint ugxFIAT:

• Users supply equivalent UGX into reserves as liquidity.
• Contributors earn attractive APYs and FSEND token rewards.
• Deposited UGX is converted into ugxFIAT tokens at a 1:1 ratio, ensuring full collateral backing and stability.

Collateral Backing

• Transparency: ugxFIAT is fully backed by fiat reserves held in secure accounts.
• Verification: zk-proofs and audits verify the collateral and maintain user trust.

Using ugxFIAT for Payments and Offramping

1. Fiat Offramping
   ugxFIAT enables quick settlement into local accounts while holding minimal on-chain value.

2. Tokenized Payments
   Utilize ugxFIAT for efficient and borderless transactions on supported platforms.

Redemption of ugxFIAT

• ugxFIAT can be redeemed at any time for an equivalent amount of UGX.
• The redemption process ensures liquidity and easy access to fiat currency.

Why Choose ugxFIAT?

• Stable Value: Fully backed by UGX reserves for consistent value.
• Fiat Onramping and Offramping: Streamline transitions between fiat and crypto.
• Transparency and Trust: Backed by regular audits and zk-proof attestations.
• Accessibility: Easily redeem ugxFIAT to local mobile money wallets or bank accounts.
• Integration: Ideal for tokenized payments and on-chain applications.

Getting Started with ugxFIAT

1. Mint ugxFIAT: Deposit UGX through Fiatsend to instantly create ugxFIAT tokens.
2. Use ugxFIAT: Leverage it for tokenized payments, DeFi use cases, or fiat conversions.
3. Redeem ugxFIAT: Convert your ugxFIAT tokens back into UGX through Fiatsend's trusted offramping solutions.

Disclaimer

eurFIAT and ugxFIAT are stable tokens designed for low-risk transactions. However, all cryptocurrency activities carry inherent risks. Please conduct your own due diligence before engaging with tokenized assets.