Stablecoins

How are stablecoin loans defined?

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

Which stablecoins do you support?

Currently, we support USD Coin (USDC) and Tether (USDT) on the Ethereum network (ERC-20).

Can I use other stablecoins?

No. Only USDC and USDT on the Ethereum network are supported. No other stablecoins or networks are supported.

Which network/blockchain do you support?

Only transactions processed on the Ethereum network are currently supported, for both USDC and USDT.

What if I use a different network/blockchain or a different token?

Any transfer made on a network other than Ethereum, or in a token other than the one agreed for your loan, is not considered a valid payment under the Loan and Security Agreement. Such funds may be lost or returned only after deduction of costs. Always double-check the network and token before sending.

What happens in the event of a depeg?

A depeg event refers to a situation where the prevailing market price of the stablecoin falls below $0.995 USD, as announced by Firefish on the platform. 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.