Convert between fiat and stablecoins
Moving value between your bank account and your treasury vaults in either direction.
Version 1.0 · Last updated
When you would do this
When money arrives as a bank transfer and you want to hold it as stablecoins, or when you hold stablecoins and need currency to pay a supplier who banks traditionally.
Steps: fiat into stablecoins
- Go to Operation › Banking.
- Select the account holding the funds.
- Choose Top up.
- Enter the amount, and choose the treasury vault and asset to receive.
- Review and confirm.
Steps: stablecoins into fiat
- Go to Operation › Banking.
- Choose Withdraw.
- Choose the source vault and the amount.
- Choose the fiat account to receive the funds.
- Review and confirm.
- The withdrawal goes to Operation › Signing for approval, because it moves funds out of a treasury vault.
What to expect
A conversion into stablecoins draws on your fiat balance and credits a treasury vault. A conversion out of stablecoins draws on a vault and credits your fiat account.
Because moving funds out of a treasury vault is a money movement, it is governed by your policies and your signing quorum in the same way as any payment. Expect it to need approval, and expect that to be the slow part rather than the conversion itself.
The rate applied and any charges are shown before you confirm. Charges are set out in your Order Form, and your account manager can confirm what applies to your account.
Balances update once each leg settles. There is a delay on the treasury side while the network confirms.
Common problems and what they mean
The withdrawal is sitting in the signing queue. It needs its signatures like any other payment. Chase your signers.
"Insufficient balance." Check whether the amount plus any charge exceeds what is available, and on the treasury side whether the network fee has been reserved.
Top up is not available. Your bank account is not open yet, or you have no balance in it.
The vault you want is not offered. The vault does not support the asset, or is on a network not available for conversion. Pick another vault.
The amount credited is not what you expected. Check the rate and charges shown on the review step. Conversion is not one to one between a currency and a stablecoin denominated in it.