Stablecoins Used for Off-Ramping (USDC & USDT)

Fiatsend uses USDC (USD Coin) and USDT (Tether) as the primary stablecoins to enable seamless off-ramping between cryptocurrencies and fiat currencies. Here's how they work:

Role in Off-Ramping:

• USDC and USDT are transferred to fiatsend.eth from registered non custodial wallet or interaction can be done directly from our dapp with your connected wallet. Once deposited, these stablecoins trigger an instant conversion to a local fiat currency which is then sent to the user's settlement account (eg: mobile money wallet).

Key Features of USDC & USDT:

• Stable Value: Both USDC and USDT maintain a 1:1 peg to the US Dollar, ensuring users are not exposed to the volatility of other cryptocurrencies.
• Fast Transactions: These stablecoins provide fast and low-cost cross-border payments, making them ideal for global remittance solutions.
• Global Accessibility: Users worldwide can send and receive stablecoins, ensuring universal access to the Fiatsend platform.

Benefits:

• No Volatility: Users sending or receiving stablecoins can avoid the price fluctuations seen in other cryptocurrencies.
• Liquidity: Both USDC and USDT offer high liquidity, facilitating instant conversion and settlement between crypto and fiat currencies.
• Seamless Integration: USDC and USDT are directly integrated with the Fiatsend platform, making them easy to use for off-ramping and conversions.

How USDC & USDT Work in Fiatsend:

• When a user sends USDC or USDT to fiatsend.eth, the stablecoin is automatically converted to the equivalent fiat amount (e.g., ghsFIAT) and sent to the user's settlement account, ensuring quick and seamless transactions.