Tokenized deposits

1:1 fiat-backed tokens on Mantle Network.

The core that powers UR is the concept of tokenized deposits. A tokenized deposit is a one-to-one, fully-backed digital representation of fiat money held by UR's regulated Swiss banking entity (Fiat24, FINMA-supervised), recorded on the Mantle Network.

For example, when a user holds 100 USD24 tokens in their UR wallet, they have a legal claim to $100 USD. The token is not a stablecoin or a synthetic asset. It is a deposit receipt issued by UR's banking entity (Fiat24, FINMA-supervised), with the same legal standing as a traditional bank deposit.

Why tokenize deposits?

Representing fiat balances as on-chain tokens unlocks capabilities that traditional banking infrastructure cannot offer:

• Instant settlement: transfers, FX conversions, and card spending settle in milliseconds, not days. When a user taps their Mastercard, UR burns the corresponding tokens and approves the transaction atomically.

• Atomic operations: FX conversion is a single on-chain transaction (burn one currency token, mint another). No intermediary holding accounts, no T+1 settlement.

• Composability: because balances are standard tokens on Mantle Network, they can interact with smart contracts, enabling programmable finance (e.g., automated savings, partner-triggered pull payments).

• Transparency: balances and transaction history are on-chain and auditable. No reconciliation lag between what the user sees and what the system records.

Supported currencies

UR issues tokenized deposits in seven currencies:

Token	Currency
EUR24	Euro
USD24	US Dollar
CHF24	Swiss Franc
CNH24	Chinese Yuan (offshore)
SGD24	Singapore Dollar
JPY24	Japanese Yen
HKD24	Hong Kong Dollar

Each token is minted when fiat is deposited and burned when fiat is withdrawn. The token is not backed by a separate reserve — it is the deposit, a direct liability on the bank's balance sheet.

User experience

On the UI, tokenized deposits are simply displayed as fiat balances. Users see "€100.00" rather than "100 EUR24". The on-chain mechanics are invisible unless the user chooses to inspect their wallet directly.

The off-ramping flow: from crypto to fiat balance

This is the process of a user converting their digital assets (e.g., USDC) into spendable fiat balance in UR.

The spending flow: from fiat balance to a real-world purchase

This is how a user spends their tokenized deposit balance using the UR Mastercard. UR instantly burns the corresponding tokens and approves the transaction, and we manage the settlement with Mastercard rails later on.