On-chain ledger
How UR records every transaction on Mantle Network, and why it matters for partners.
Every UR transaction (deposits, withdrawals, FX conversions, card spending, transfers) is recorded on the Mantle Network. This on-chain ledger is UR's core infrastructure layer: it replaces the traditional bank ledger with a transparent, real-time, programmable record of all account activity.
How it works
When a user performs any financial action in UR, the system executes it as an on-chain transaction:
Deposit: fiat arrives via SEPA/SWIFT → UR mints the corresponding tokenized deposit (e.g., 100 EUR24) to the user's wallet
Withdrawal: UR burns the tokens → fiat is sent out via SEPA/SWIFT
FX conversion: burn one currency token, mint another in a single atomic transaction
Card spend: burn tokens instantly at point of sale, settle with Mastercard later
Transfer: move tokens between wallets on-chain
Each operation is a verifiable, immutable record on Mantle Network.
Comparison to traditional bank ledgers
Traditional banks maintain internal databases that only they can read. Reconciliation between systems (bank, card processor, partner) takes hours or days, and discrepancies are common.
Visibility
Bank-internal only
Public, auditable by anyone
Settlement
T+1 to T+3
Instant (block confirmation)
Reconciliation
Manual, periodic batches
Unnecessary; single source of truth
Auditability
Requires bank cooperation
Read directly from chain
Programmability
None
Smart contract composability
Reading on-chain state
Partners can query the Mantle Network directly to:
Verify balances
Read token balances for any UR wallet without calling the UR API
Monitor transactions
Subscribe to on-chain events for real-time notifications
Build reports
Pull historical transaction data for compliance or reconciliation
Audit
Independently verify that user balances match expected state
This works with any EVM-compatible tooling (ethers.js, viem, Foundry, block explorers).
Why this matters
The on-chain ledger is UR's key differentiator:
No reconciliation lag
What the user sees, what the partner queries, and what the regulator audits is the same data, in real time
Partner independence
You don't need to trust UR's reporting; you can verify on-chain
Composability
Balances are standard ERC-20 tokens. Partners can build programmable finance on top (automated sweeps, conditional payments, DeFi integrations)
Regulatory transparency
Regulators can audit the ledger directly, reducing compliance overhead for everyone in the chain
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