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Overview

This guide walks you through the process of redeeming Bastion-issued stablecoins using Bastion’s Dashboard. Redemption converts stablecoins back into fiat currency (USD) that is sent to a registered bank account via wire transfer.

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How redemption works

The redemption process involves several steps:
  1. Register a bank account - Add the bank account where redeemed funds will be sent
  2. Create redemption instructions - Set up the redemption configuration with bank account and blockchain details
  3. Send stablecoins to the redemption address - Initiate redemption by transferring stablecoins
  4. Monitor the redemption - Track the status of your redemption request

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Prerequisites

  • An approved Business identity created for the redeeming entity
    • Note that Issuance is not supported for Individual identities at this moment
  • Bank account details for receiving USD wire transfers
  • Stablecoins in a wallet on a supported chain

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Steps

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1. Register a bank account

First, register the bank account where redeemed funds will be sent. From the dashboard, navigate to an approved identity → Bank tab and select New Bank Account. A popup modal opens. Provide all requested bank account information and select Create Bank Account. Redeem Bastion Stablecoin screenshot 1

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2. Create redemption instructions

Once a bank account is saved, navigate to Redeem and select Create Redemption Instructions. Provide all requested information. Redeem Bastion Stablecoin screenshot 2

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3. Send stablecoin to the redemption address

Once the redemption instruction has been created, Bastion returns a unique redemption address. Redeem Bastion Stablecoin screenshot 3 To redeem stablecoins, send them to the redemption address provided in the redemption instructions response. Critical requirements:
  • Use the correct address: Send stablecoins to the exact address returned in Step 2.
  • Correct chain: Ensure you’re sending on the same blockchain network specified in the redemption instructions.
  • Correct stablecoin: Send the stablecoin type specified in stablecoin_symbol.
Once the stablecoin transfer is received and verified:
  1. Bastion burns the stablecoins
  2. Bastion calculates the equivalent USD amount
  3. Bastion initiates a wire transfer to your registered bank account

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4. Monitor redemption status

Navigate to History -> Redemptions to view the history and status of all redemption requests. Redeem Bastion Stablecoin screenshot 4 Processing times:
  • Wire transfer: 1-3 business days for domestic US wires