What is USDⒼ?
Demex's primary stablecoin that is 1:1 USDC-backed for a better deposit experience.
Introduction to USDⒼ
Demex uses USDⒼ (USD Group Token) as its primary stablecoin for trading margin. It is automatically minted 1:1 without any fees or slippage when a user deposits USDC from supported networks, regardless of the amount.
USDⒼ stands for USD Group Token and it is backed 1:1 by USDC and axlUSDC from different networks. This is important for safety because they can ultimately be redeemed 1:1 with Circle for 1 USD.
View the full list of supported USDⒼ constituent assets and their supply on Carbonscan.
Why use USDⒼ instead of USDC?
USDⒼ allows users to deposit any amount of USDC and axlUSDC they desire into Demex without any slippage or fees.
Example:
If Demex only accepts native USDC from a particular network like Arbitrum, a user holding a large amount (like $1 million) of USDC on Osmosis or Base, may incur significant fees to bridge and swap it to native USDC on Arbitrum to deposit into Demex.
With USDⒼ, the user can directly deposit any amount of USDC into Demex, without swapping or bridging to other networks, getting its full value onto Demex.
Deposits and Withdrawals
Deposits
Any stablecoins from the USDⒼ basket deposited into Demex are automatically converted to USDⒼ at a 1:1 rate. There are 0 fees involved in auto-conversion into USDⒼ.
How To Deposit & Convert:
Go to the USDⒼ Deposit Page
Select the stablecoin in your wallet that you want to deposit into Demex
Choose a network to deposit from
After clicking on 'Deposit', verify and authorize the transaction on your wallet
Use Carbonscan to track the status of your transaction
Once confirmed, the deposit will show up as USDⒼ instead of the stablecoin you initially deposited, as it will be auto-converted.
If you have existing stablecoins that are not converted to USDⒼ yet, read the migration guide here.
Withdrawals
Stablecoins withdrawn from Demex are automatically converted to their constituent tokens at a 1:1 rate. There are 0 fees involved in auto-conversion from USDⒼ.
How To Withdraw:
Go to the USDⒼ Withdrawal page
Select your preferred stablecoin that you would like to withdraw
Choose the network you want to withdraw your stablecoins to
Enter the recipient's address
After clicking on 'Withdraw', verify and authorize the transaction on your wallet extension
Use Carbonscan to track the status of your transaction
Select the correct network
It is important to select the appropriate network while depositing or withdrawing tokens to prevent the possibility of losing them.
To avoid any possible losses, make sure to select the correct network. Learn More
Rebalancing
Each token has a different amount of liquidity available for withdrawals. If there is insufficient liquidity for a particular token, you will have to wait for the liquidity to increase. This can happen when the liquidity gets rebalanced, or when other users deposit that specific token into Demex.
View the current weight of underlying assets available in USDⒼ on Carbonscan.
How Rebalancing Works
If there are numerous withdrawals of USDC (ETH), the balance of USDC (ETH) may become depleted or run low. Users will see this error message:
When this happens, please wait for the team to rebalance or withdraw a different token.
To learn more about the safety features or the criteria for whitelisting constituents of Carbon Grouped Tokens, go here.
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