Stablecoin: A type of cryptocurrency designed to maintain a stable value, typically pegged to a traditional currency like the US dollar. Fiatsend uses USDC, which is pegged 1:1 to the USD.
USDC (USD Coin): A stablecoin pegged to the US dollar. Each USDC is backed by reserve assets. On Fiatsend, USDC represents your digital dollar balance.
GHS (Ghanaian Cedi): The official currency of Ghana. On Fiatsend, GHS represents your local currency balance, which can be cashed out to mobile money.
Mobile Money: A digital financial service that allows users to store, send, and receive money using a mobile phone. Popular networks in Ghana include MTN MoMo, Vodafone Cash, and AirtelTigo Money.
MobileNumber NFT: A unique blockchain identity tied to your phone number. Created when you register on Fiatsend, it serves as your on-chain ID and cannot be duplicated.
Blockchain: A decentralized, distributed digital ledger that records transactions in a transparent, secure, and immutable way. Fiatsend builds on blockchain for transaction transparency and security.
KYC (Know Your Customer): A regulatory process that verifies the identity of users. Fiatsend uses a tiered KYC system (Level 0, 1, and 2) to comply with financial regulations and protect users.
On-Chain Settlement: The process of recording and finalizing transactions on the blockchain. This ensures transparency and creates a verifiable record of every transaction.
Smart Routing: Fiatsend's technology that automatically finds the best exchange rate and most efficient path for your currency conversions and payouts.
Unified Ledger: A system that tracks all your balances and transactions — across currencies and payout methods — in a single, consolidated view.
P2P Trading: Peer-to-peer trading, where users buy and sell digital currencies directly with each other, without an intermediary.
Off-Ramp: The process of converting digital currency (like USDC) into local fiat currency (like GHS) and withdrawing it to mobile money or a bank account.
On-Ramp: The process of converting local fiat currency (like GHS) into digital currency (like USDC) on the Fiatsend platform.
Payout: The transfer of funds from your Fiatsend wallet to a mobile money wallet or bank account.
Digital Dollars: A colloquial term for USDC stablecoins on Fiatsend. Each digital dollar is worth one US dollar and is backed by reserve assets.