Redeem Bastion-issued stablecoins from the Dashboard

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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.

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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.

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3. Send stablecoin to the redemption address

Once the redemption instruction has been created, a unique redemption address will be returned. 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. The stablecoins are burned
2. The equivalent USD amount is calculated
3. A wire transfer is initiated 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. Processing times:

• Wire Transfer: 1-3 business days for domestic US wires