↕️ Facilitator Ramping
On/off-ramping is handled by whitelisted facilitators, who serve as the protocol’s fiat liquidity agents for different jurisdictions. Each facilitator is assigned a treasury capacity denominated in Chiss stablecoins (e.g., chJPY, chTRY), which the treasury manager draws from or replenish based on offchain fiat settlement activity.
This is the Onramp Flow via the Chiss Dapp ⤵️
- The user sends fiat e.g. Nigerian Naira (₦) to a local bank account generated for the user by the facilitator.
- The facilitator confirms receipt.
- Facilitator approves a send chNGN transaction from its treasury of pre-minted chNGN treasury to the user wallet.
- chNGN is transferred to the user wallet connected to the dapp.
Offramp Flow via the Chiss Dapp ⤵️
- The user approves transaction to send chNGN from connected wallet to the facilitator contract.
- chNGN is received at the facilitator's treasury & confirmed.
- The facilitator sends fiat to the user’s designated bank account.
No manual on-ramping required to send money abroad via Chiss-powered international money transfer operators. The step is abstracted away via Chiss Business core & Facilitator SDK to simplify the process to funding your account & sending.
Facilitators are economically incentivized through service fees and treasury yields, while maintaining 1:1 parity in all onchain stablecoin conversions.