How to Mint and Redeem VeUSD with Stably Prime

Categories: GeneralPublished On: March 13th, 20226.9 min read

Summary: To mint VeUSD tokens on the VeChain network, you need to go through the following steps:

Open a Stably Prime account at https://prime.stably.io/ and complete the KYC process. Also, please make sure that your 2FA is set up and enabled.
Deposit funds to your Stably Prime account (using wire transfer, ACH, stablecoins, or other cryptocurrencies) and convert your funds into USD if necessary.
Mint VeUSD by withdrawing it to your VeChainThor wallet.

How to mint and send VeUSD tutorial video: bit.ly/veusd-tutorial-video

1. Opening a Stably Prime account

Please refer to the onboarding here: https://prime.stably.io/

2. How to send funds to Stably Prime

There are multiple options to fund your Stably Prime account. Before you begin, please be sure to check our fee schedule here to better understand all options available to you: https://www.stably.io/stably-prime/fees/

A. USD Fedwire transfer and ACH: Users from the United States can use either domestic Fedwire or ACH transfers to send funds to their Stably Prime account.

Domestic US Fedwire transfer (0-1 business day, no limit)

- From the Home page, navigate to USD > Deposit > Domestic US Fedwire to arrive here: prime.stably.io/transfer/deposit/usd/domestic-wire
- On this page you will find the instructions to send funds via FedWire to your Stably Prime account via our regulated custodian Prime Trust.
- IMPORTANT: You must also include the Wire Reference as shown on your screen. Depending on your bank, some banks may have different names for this field such as “Message to recipient” or “Description.”

Domestic US ACH transfer (up to 10 business days, $1,000 limit per week)

- From the Home page, navigate to USD > Deposit > ACH via Plaid to arrive at this page: prime.stably.io/transfer/deposit/usd/ach-plaid
- Now add your bank account via Plaid by clicking on the “+” Button on the top right or simply select an account that was already added. After selecting an account you will be prompted to enter the amount and confirm the transaction.
- Please note that we currently allow a maximum of $1,000 per week through ACH and it may take up to 10 business days to become available.
- NOTE: The current ACH funds availability time is due to recent measures we implemented to combat a surge of fraudulent transactions. We are actively working on integrating new anti-fraud technology in order to reduce ACH funds availability wait time in the near future.

International SWIFT wire transfer (5-6 business days, no limit)

- From the Home page, navigate to USD > Deposit > International SWIFT Wire to arrive here: prime.stably.io/transfer/deposit/usd/international-wire
- On this page you will find the instructions to send funds via SWIFT Wire to your Stably Prime account via our regulated custodian Prime Trust.
- IMPORTANT: You must also include the Wire Reference as shown on your screen. Depending on your bank, some banks may have different names for this field such as “Message to recipient” or “Description.”
- Deposited funds will always settle in USD. Your originating bank typically handles the forex conversion to USD and may charge a fee.

B. Using USDC or USDT (ERC-20)

From the Home page, navigate to the “Search Asset” bar at the top > Type “USDC” or “USDT” > Click on the first search result that comes up to arrive here: prime.stably.io/accounts/usdc or here: prime.stably.io/accounts/usdt.
By clicking on “Deposit,” you will find an Ethereum address where you can send your USDC or USDT tokens to.
You can either copy the deposit address or scan the QR code with your wallet application.
Funds will be credited to your account within 1 business day (usually within minutes).
Always make sure you send the correct Tokens to the correct address. Your USDC account address will only accept and credit Ethereum ERC-20 USDC tokens and nothing else.
Once your USDC or USDT tokens arrive, you may trade your tokens for USD (in order to mint new VeUSD tokens).
To do so, navigate to Home > Trade to arrive here: prime.stably.io/trade
In the “From” box, select either USDC or USDT > Type in the amount of tokens you wish to trade for USD > Click “Request Quote.”
Now you can see detailed exchange rates and trading fee information for your un-executed trade. You can also adjust the Slippage slider at the bottom to adjust slippage tolerance for the trade based on your own preference.
If you are OK with the displayed quote, click “Execute.”
Now go back to Home and click the Refresh button to update your balances.

C. Using USDC (Stellar)

From the Home page, navigate to USD > Deposit > Stablecoins > USDC > Stellar to arrive here: prime.stably.io/transfer/deposit/usd/stablecoin/usdc/stellar
Here you will find a Stellar address where you can send your Stellar USDC tokens to, along with a memo.
IMPORTANT: Please note that you must include the required memo when sending your Stellar USDC. This is very important in order for your funds to arrive correctly and safely. Please also note that there is a 0.50% fee for sending funds through Stellar USDC.
Within 1 business day (usually within minutes), the equivalent amount of USD will be credited to your Stably Prime account. Please note that Stellar USDC deposits are automatically exchanged into USD.

D. Using other cryptocurrencies such as BTC or ETH

From the Home page, navigate to Bitcoin or Ethereum > Deposit to arrive here: prime.stably.io/transfer/deposit/btc or here: prime.stably.io/transfer/deposit/eth.
Here you will find a Bitcoin / Ethereum address where you can send your BTC / ETH tokens to.
Funds will be credited to your account within 1 business day (usually within minutes).
Once your BTC or ETH tokens arrive, you may trade your tokens for USD (in order to mint new VeUSD tokens).
To do so, you will need to go to Home > Trade.
In the “From” box, select either BTC or ETH > Type in the amount of tokens you wish to trade for USD > Click “Request Quote.”
Now you can see detailed exchange rates and trading fee information for your un-executed trade. You can also adjust the Slippage slider at the bottom to adjust slippage tolerance for the trade based on your own preference.
If you are OK with the displayed quote, click “Execute.”
Now go back to Home and click the Refresh button to update your balances.

3. How to mint VeUSD and send it to a VeChainThor wallet

From the Home page, navigate to USD (make sure you have funds available) > Withdraw > Stablecoins > VeUSD to arrive here: prime.stably.io/accounts/usd/withdraw/stablecoin/veusd.
Here you will need to add your VeChainThor wallet address. Select “New account” > VeChain > Copy and paste your VeChainThor address (you can give it a nickname as well) > Click “Submit.”
Now click on the wallet address > Enter the amount you want to create > Click “Next” > You will see the total USD amount required to mint new VeUSD tokens, including the transaction fee > Click “Confirm.”
Please note that the transaction fee for creating VeUSD is always 1 USD per transaction.
Please note that It typically takes several minutes for the VeUSD to arrive via the VeChainThor network.
NOTE: If you are using the Sync2 wallet application, you will need to add the VeUSD token to your app to be able to see and interact with VeUSD. To do so, click on the “+” button, scroll down until you see VeUSD and enable it.

4. How to redeem VeUSD for USD in Stably Prime

From the Home page, navigate to USD > Deposit > Stablecoins > VeUSD > VeChain to arrive here: prime.stably.io/transfer/deposit/usd/stablecoin/veusd/vechain
Here you will find a VeChainThor wallet address where you can send your VeUSD tokens to.
IMPORTANT: Please note that the minimum deposit value is 10 VEUSD. Any lesser value will not be processed. Additionally, VeUSD redemptions are only processed during normal US banking hours.
Within 1 business day (usually within minutes), the equivalent amount of USD will be credited to your Stably Prime account. Please also note that VeUSD deposits are automatically exchanged into USD.