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
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Fiat Offramping
ugxFIAT enables quick settlement into local accounts while holding minimal on-chain value. -
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
- Mint ugxFIAT: Deposit UGX through Fiatsend to instantly create ugxFIAT tokens.
- Use ugxFIAT: Leverage it for tokenized payments, DeFi use cases, or fiat conversions.
- 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.