Redeem Bastion-issued stablecoins to USD

Redeem Bastion-issued stablecoins

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

Overview

The redemption process involves several steps:

Register a bank account - Add the bank account where redeemed funds will be sent
Create redemption instructions - Set up the redemption configuration with bank account and blockchain details
Send stablecoins to the redemption address - Initiate redemption by transferring stablecoins
Monitor the redemption - Track the status of your redemption request

Prerequisites

Before you begin, ensure you have:

A valid API key with issuance permissions
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

Step 1: register a bank account

First, register the bank account where redeemed funds will be sent.

Request

curl -X POST https://api.prod.bastion.com/v2/issuance/bank-account \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "identity_id": "id_123456789",
    "bank_account_details": {
      "bank_name": "First National Bank",
      "account_holder_name": "Acme Corporation",
      "account_number": "9876543210",
      "routing_number": "021000021",
      "type": "checking",
      "address": {
        "street_line_1": "456 Business Ave",
        "street_line_2": "Suite 100",
        "city": "San Francisco",
        "postal_code": "94102",
        "country": "US",
        "region_code": "CA"
      }
    }
  }'

Request parameters

Parameter	Type	Required	Description
`identity_id`	string	Yes	The identity ID that owns this bank account
`bank_account_details`	object	Yes	Bank account information (see below)

Bank account details object

Field	Type	Required	Description
`bank_name`	string	Yes	Name of the bank
`account_holder_name`	string	Yes	Name on the account
`account_number`	string	Yes	Bank account number
`routing_number`	string	Yes	Bank routing number (ABA)
`type`	string	Yes	Account type (e.g., `checking`, `savings`)
`address`	object	Yes	Bank address (see below)

Address object

Field	Type	Required	Description
`street_line_1`	string	Yes	Street address line 1 (3-100 characters)
`street_line_2`	string	No	Street address line 2
`city`	string	Yes	City (3-50 characters)
`postal_code`	string	Yes	Postal/ZIP code (max 20 characters)
`country`	string	Yes	ISO 3166-1 alpha-2 country code (e.g., `US`)
`region_code`	string	Yes	ISO 3166-2 subdivision code (e.g., `CA` for California)

Response

{
  "id": "ba_def456ghi789",
  "identity_id": "id_123456789",
  "bank_account_details": {
    "bank_name": "First National Bank",
    "account_holder_name": "Acme Corporation",
    "account_number": "9876543210",
    "routing_number": "021000021",
    "type": "checking",
    "address": {
      "street_line_1": "456 Business Ave",
      "street_line_2": "Suite 100",
      "city": "San Francisco",
      "postal_code": "94102",
      "country": "US",
      "region_code": "CA"
    }
  }
}

Step 2: create redemption instructions

Create redemption instructions that specify how redemptions should be processed, including the bank account and blockchain details.

Request

curl -X POST https://api.prod.bastion.com/v2/issuance/redemption-instructions \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "request_id": "770e8400-e29b-41d4-a716-446655440002",
    "bank_account_id": "ba_def456ghi789",
    "chain": "SOLANA_DEVNET",
    "label": "Primary Redemption",
    "payment_rail": "WIRE",
    "identity_id": "id_123456789",
    "stablecoin_symbol": "USDX"
  }'

Request parameters

Parameter	Type	Required	Description
`request_id`	string (UUID)	Yes	Idempotency key in UUID format
`bank_account_id`	string	Yes	ID of the bank account created in Step 1
`chain`	enum	Yes	Blockchain network: `SOLANA_DEVNET`
`label`	string	Yes	A human-readable label for the instruction
`payment_rail`	enum	Yes	Payment method (currently only `WIRE` is supported)
`identity_id`	string	Yes	The identity ID for this redemption instruction
`stablecoin_symbol`	string	Yes	Symbol of the stablecoin to redeem (e.g., `USDX`)

Response

{
  "id": "ri_pqr123stu456",
  "address": "9vMJfxuKxXBoEa7rM7gQEpNsEHvT3AxK...",
  "bank_account_id": "ba_def456ghi789",
  "chain": "SOLANA_DEVNET",
  "label": "Primary Redemption",
  "payment_rail": "WIRE",
  "identity_id": "id_123456789",
  "stablecoin_symbol": "USDX"
}

Important: Save the address from the response. This is the blockchain address where you’ll send stablecoins to initiate redemptions.

Step 3: initiate the redemption (send stablecoins)

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:

The stablecoins are burned
The equivalent USD amount is calculated
A wire transfer is initiated to your registered bank account

Step 4: monitor redemption status

List all redemptions

curl -X GET "https://api.prod.bastion.com/v2/issuance/redemptions?identity_id=id_123456789&limit=10" \
  -H "Authorization: Bearer YOUR_API_KEY"

Query parameters

Parameter	Type	Required	Description
`status`	enum	No	Filter by status: `ACCEPTED`, `SUBMITTED`, `COMPLETED`, `DENIED`, `FAILED`, `CANCELLED`
`limit`	integer	No	Max results per page (1-25, default: 10)
`cursor`	string	No	Pagination cursor for next page
`identity_id`	string	No	Filter by identity ID

Response

{
  "redemptions": [
    {
      "id": "redeem_001xyz",
      "amount": "5000.00",
      "chain": "SOLANA_DEVNET",
      "redemption_address_id": "ri_pqr123stu456",
      "from_address": "7EcDhSYGxXyscszYEp35KHN8vvw3svAuLKTzXwCFLtV",
      "status": "COMPLETED",
      "deposit_external_tx_id": "3nKt9vRxQW8m...",
      "burn_external_tx_id": "4mLu0wSyRX9n...",
      "identity_id": "id_123456789",
      "stablecoin_symbol": "USDC"
    }
  ],
  "cursor": "eyJsYXN0X2lkIjoicmVkZWVtXzAwMXh5eiJ9"
}

Get a specific redemption

curl -X GET https://api.prod.bastion.com/v2/issuance/redemptions/redeem_001xyz \
  -H "Authorization: Bearer YOUR_API_KEY"

Response

{
  "id": "redeem_001xyz",
  "amount": "5000.00",
  "chain": "SOLANA_DEVNET",
  "redemption_address_id": "ri_pqr123stu456",
  "from_address": "7EcDhSYGxXyscszYEp35KHN8vvw3svAuLKTzXwCFLtV",
  "status": "COMPLETED",
  "deposit_external_tx_id": "3nKt9vRxQW8m...",
  "burn_external_tx_id": "4mLu0wSyRX9n...",
  "identity_id": "id_123456789",
  "stablecoin_symbol": "USDC"
}

Redemption status values

Status	Description
`ACCEPTED`	Stablecoin deposit received and redemption request accepted
`SUBMITTED`	Burn transaction submitted and wire transfer initiated
`COMPLETED`	Stablecoins burned and USD wire transfer completed
`DENIED`	Redemption request was denied (compliance or other reasons)
`FAILED`	Redemption process failed
`CANCELLED`	Redemption request was cancelled

Redemption response fields

Field	Description
`id`	Unique identifier for the redemption request
`amount`	Amount of stablecoins being redeemed
`chain`	Blockchain network for the redemption
`redemption_address_id`	ID of the redemption instruction used
`from_address`	Source wallet address that sent the stablecoins
`status`	Current status of the redemption
`deposit_external_tx_id`	Blockchain transaction ID of the stablecoin deposit
`burn_external_tx_id`	Blockchain transaction ID of the burn
`identity_id`	Identity that owns this redemption
`stablecoin_symbol`	Symbol of the stablecoin being redeemed

Additional endpoints

List bank accounts

curl -X GET https://api.prod.bastion.com/v2/issuance/bank-accounts \
  -H "Authorization: Bearer YOUR_API_KEY"

Get bank account

curl -X GET https://api.prod.bastion.com/v2/issuance/bank-account/ba_def456ghi789 \
  -H "Authorization: Bearer YOUR_API_KEY"

List redemption instructions

curl -X GET "https://api.prod.bastion.com/v2/issuance/redemption-instructions?identity_id=id_123456789" \
  -H "Authorization: Bearer YOUR_API_KEY"

Get redemption instructions

curl -X GET https://api.prod.bastion.com/v2/issuance/redemption-instructions/ri_pqr123stu456 \
  -H "Authorization: Bearer YOUR_API_KEY"

Supported chains

Chain	Enum Value
Solana Devnet	`SOLANA_DEVNET`
Base Sepolia (Currently not supported)	`BASE_SEPOLIA`

Error handling

HTTP Status	Description
`400`	Bad request - Check request parameters
`401`	Unauthorized - Invalid or missing API key
`404`	Resource not found
`409`	Conflict - Resource already exists (check idempotency key)
`500`	Internal server error

Webhooks

Configure webhooks to receive real-time notifications when redemption status changes. See the Webhooks documentation for setup instructions.

Best practices

Use unique request IDs: Generate a new UUID for each new logical request, and reuse the same request_id when retrying that request so it stays idempotent.
Verify bank details: Double-check bank account information before creating bank accounts.
Correct address: Always verify you’re sending to the correct redemption address on the correct chain.
Test small amounts: For initial testing, start with small redemption amounts.
Monitor status: Use webhooks or polling to track redemption progress.
Test on Devnet: Use Solana Devnet for testing before moving to production.

Processing timeline

Redemption processing times depend on several factors:

Blockchain confirmation: Typically minutes, depending on the chain
Wire transfer: 1-3 business days for domestic US wires

Security considerations

Bank account details are stored securely and cannot be modified after creation
Each redemption instruction generates a unique blockchain address
All transactions are logged and auditable
Compliance checks are performed on all redemption requests