Stablecoins

How are stablecoin loans defined?

A stablecoin loan is a USD-denominated loan that is disbursed and repaid in USDC stablecoins on a 1:1 basis.

Which stablecoins do you support?

Currently, we support USD Coin (USDC), issued by Circle, based on the Ethereum network.

Can I use stablecoins other than USDC?

Currently, we only support USD Coin (USDC), issued by Circle, on the Ethereum network. No other stablecoins or networks are supported.

Which network/blockchain do you support for USDC?

Only USDC transactions processed on the Ethereum network are currently supported.

What if I use a different network/blockchain?

Any transaction processed on a network other than Ethereum for USDC (Circle) would be deemed ineligible under the terms of the Loan and Security Agreement.

What happens in the event of a depeg?

A depeg event refers to a situation where the prevailing market price of USDC falls below $0.995 USD. Should a depeg event occur, the borrower is entitled to fulfill the obligation by payment (wire transfer) of the amount due in USD.

Do I need to pass the KYC process for borrowing/investing in stablecoins?

To conduct borrowing or investing transactions on Firefish, all users are required to pass the respective KYC process.