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Redeem

Deposit stablecoin and convert to USD in one API call. Transfer USD to your bank.
Redeem Workflow

To redeem a Paxos-issued stablecoin, use Create Deposit Address to add the appropriate address on the Paxos platform. Next, initiate a stablecoin transfer from your external address (A in the diagram). If you set conversion_target_asset to USD when creating the address, Paxos automatically credits your USD balance once the on-chain transfer is confirmed (B). Then, use Create Fiat Withdrawal to send USD to your bank account (C).

tip
  • To redeem stablecoins you already hold on the Paxos platform, you can use Create Stablecoin Conversion to easily convert to USD. See the conversion guide for details.
  • To send USD to your bank account, you'll need to first save your external banking information on the Paxos platform. See the fiat withdrawal guide for details.

➊ Authenticate​

Include the following scopes when authenticating:

funding:read_profile transfer:read_deposit_address transfer:read_transfer transfer:write_deposit_address

If you don't see all the scopes when creating or editing API credentials, contact Support.

➋ Create Deposit Address​

Use Create Deposit Address to add a wallet address to the designated Profile. Include the appropriate crypto_network for the source stablecoin. Set conversion_target_asset to USD to automatically convert the stablecoin to USD when the transaction is complete.

curl --location 'https://api.sandbox.paxos.com/v2/transfer/deposit-addresses' \
--header 'Content-Type: application/json' \
--header 'Accept: application/json' \
--header 'Authorization: Bearer {access_token} \
--data '{
    "profile_id": "0d3172c5-8840-4bae-bdd4-30688f0268fc",
    "crypto_network": "ETHEREUM",
    "ref_id": "r_usdg_8f91a9c5-0a6e-46dc-ad68-17bc8fb4eafb",
    "conversion_target_asset": "USD"
}'

Capture the address and compatible_crypto_networks values from the response. Also store the id to use when looking up transactions.

{
    "id": "078eb145-1bbc-4e1d-999d-92845dc31df4",
    "profile_id": "0d3172c5-8840-4bae-bdd4-30688f0268fc",
    "customer_id": "8cbc1177-d982-4750-a435-3c7f36245452",
    "crypto_network": "ETHEREUM",
    "identity_id": "00000000-0000-0000-0000-000000000000",
    "ref_id": "r_usdg_8f91a9c5-0a6e-46dc-ad68-17bc8fb4eafb",
    "address": "0xdCB1481afaabf9dAc1B2A8218067252D533Ae1a7",
    "account_id": "00000000-0000-0000-0000-000000000000",
    "conversion_target_asset": "USD",
   "compatible_crypto_networks": [
        "ETHEREUM",
        "POLYGON_POS",
        "ARBITRUM_ONE"
    ]
}

➌ Transfer Stablecoin to the Paxos Platform​

Initiate an on-chain transfer from your external wallet to the address included in the response from the previous step or from List Deposit Addresses.

Use List Transfers to check the status of transfer on the Paxos platform. Using the type=CRYPTO_DEPOSIT and status=COMPLETED query parameters, in conjunction with crypto_tx_hashes, filters the results.

curl --location 'https://api.sandbox.paxos.com/v2/transfer/transfers?crypto_tx_hashes=0x768ac1e892985165885140c80f08ee0197ff6e175f9a9ed4b7f1b09c3b49baca' \
--header 'Accept: application/json' \
--header 'Authorization: Bearer {access_token}'

Depending on the network, it may take some time for the transaction to update on the Paxos platform. Once the status is COMPLETED, the USD balance updates.

{
    "items": [
        {
            "id": "d72363d9-52bb-4acd-ba35-b5b1e212ac26",
            "customer_id": "8cbc1177-d982-4750-a435-3c7f36245452",
            "profile_id": "0d3172c5-8840-4bae-bdd4-30688f0268fc",
            "amount": "100",
            "total": "100",
            "fee": "0",
            "asset": "USDG",
            "balance_asset": "USD",
            "direction": "CREDIT",
            "type": "CRYPTO_DEPOSIT",
            "status": "COMPLETED",
            ...
            "destination_address": "0xdCB1481afaabf9dAc1B2A8218067252D533Ae1a7",
            "crypto_network": "ETHEREUM",
            "crypto_tx_hash": "0x768ac1e892985165885140c80f08ee0197ff6e175f9a9ed4b7f1b09c3b49baca",
            "crypto_tx_index": "132",
            "auto_conversion": {}
        }
    ],
    "next_page_cursor": "CAESDAjJq_a3BhCI9LaXAhjwhN8N"
}

➍ Transfer USD to Bank Account​

Use Create Fiat Withdrawal to send USD to your bank account. You'll need to first save your external banking information on the Paxos platform. See the fiat withdrawal guide for details.