# What is UR?

## Introduction

UR is a smart money app that bridges Web3 assets with traditional finance. We provide users with regulated Swiss bank accounts, multi-currency debit cards, and tokenized deposits on-chain, all seamlessly connected to crypto wallets.

Our infrastructure is built on modern blockchain rails (Mantle Network), allowing for unique efficiency, transparency, and interoperability that traditional banks cannot offer.

Platforms available:

* Webapp: <https://get.ur.app>
* iOS App Store: <https://apps.apple.com/app/ur-fiat-crypto-unified/id6748420070>
* Google Playstore: <https://play.google.com/store/apps/details?id=com.mantle.ur>

## URID (UR Identity)

The URID is a unique, on-chain digital identity represented as a non-fungible token (NFT) minted on the blockchain. It serves as the foundational access credential within the UR ecosystem, cryptographically anchoring the user's compliance profile (KYC/AML status) and ownership of the associated IBAN. The URID acts as the singular key to accessing the user's financial services.

## UR Account

The UR Account is a hybrid financial infrastructure that seamlessly bridges regulated Swiss banking with Web3 settlement rails. It functions as a smart money account linked to an active URID. Fiat balances are issued as Tokenized Deposits (e.g., USD24, EUR24) on the blockchain, backed 1:1 by fiat reserves. This architecture provides users with a fully compliant banking interface—including personal Swiss IBANs and debit card capabilities—while enabling instant, atomic on-chain settlement for crypto-to-fiat conversions, card spending, and cross-border transfers.

### UR Account Variants

The structure of a UR Account depends on the integration model chosen by the Partner:

* [Delegated Mode](/integration-methods/delegated-mode.md): UR provisions a dedicated Embedded Wallet for each user. This wallet functions as the UR Account and is accessed securely via the user's social login credentials (e.g., Google or Email).
* [External Wallet Access Mode](/integration-methods/direct-contract-access.md): Users connect their existing external Web3 wallet (e.g., MetaMask) to serve as their UR Account. In this scenario, the URID is minted directly to the user's external wallet, granting them full self-custody over their identity and fiat balances.

## Core Features for the End-User

<table data-header-hidden><thead><tr><th width="293.3046875"></th><th></th></tr></thead><tbody><tr><td><strong>Regulatory Assurance</strong></td><td>All users must complete a Know Your Customer (KYC) process, ensuring full compliance with global financial regulations</td></tr><tr><td><strong>Account Access</strong></td><td><ul><li>Native Non-Custody Access: Access your UR account via the built-in Turnkey wallet—either directly through the UR App/dApp, or via verified partners.</li><li>External Wallet Access: Connect an existing external wallet to provision and access your UR account within verified third-party applications.</li></ul></td></tr><tr><td><strong>Tokenized Assets</strong></td><td>UR supports tokenized deposits, stablecoins, and supported crypto assets.</td></tr><tr><td><p><strong>Rails</strong></p><p><strong>(Available upon KYC verification)</strong></p></td><td><p>Banking</p><ul><li>Swiss IBAN Accounts in multiple currencies (EUR, USD, CHF, RMB, SGD, HKD, JPY)</li><li>Mastercard Debit Card linked to user fiat balance (Principal Issuer)</li><li>Global Transfers via SEPA, SWIFT, SIC, supporting EUR and CHF (more to be added)</li></ul><p>Crypto</p><ul><li>Users are able to send and receive fiat from other verified UR user. This is enabled by the transfer of tokenized deposit on Mantle Network.</li></ul></td></tr><tr><td><strong>Crypto &#x3C;> Fiat Conversion</strong></td><td><p>Off-ramp (Crypto-to-fiat conversion)</p><p>Deposit crypto (USDC, USDT, USDe, ETH) and receive fiat.</p><ul><li>UR currently supports crypto assets from Ethereum, Arbitrum, Mantle, and Base. Coming soon: TON, Solana.</li></ul><p>On-ramp (Fiat-to-crypto conversion)</p><ul><li>Coming soon</li></ul></td></tr><tr><td><strong>FX</strong></td><td>Multicurrency accounts supporting EUR, USD, RMB , JPY, HKD, SGD, and CHF allow users to perform FX swaps natively on UR.</td></tr><tr><td><strong>Tokenized Deposits</strong></td><td>1:1 fiat-backed tokens (USD24, EUR24, etc.) minted on Mantle Network. Backed by fiat reserves in Swiss bank accounts</td></tr><tr><td><strong>Yield/ Savings Account</strong></td><td>Users automatically earn weekly yield as long as they hold USDe on their UR account.</td></tr></tbody></table>

### 3. How Tokenized Deposits Work

The core that powers UR is the concept of Tokenized Deposits. This mechanism is how we translate on-chain assets into real-world, spendable fiat currency. A tokenized deposit is a one-to-one, fully-backed digital receipt for fiat money held in our bank, recorded on the Mantle Network.

* For example, when a user holds 100 USD24 tokens in their internal UR wallet, they have a legal claim to $100 USD from UR.
* This on-chain representation allows for unprecedented speed and efficiency.
* Tokenized deposits are simply represented as fiat on the UI.

#### 3.1. 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.

<figure><img src="/files/b6fDwcGgiCcv5VygLQ0g" alt=""><figcaption></figcaption></figure>

#### 3.2. 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. The UR system instantly burns the corresponding tokens and approves the transaction, settling the fiat later via Mastercard rails.

{% @mermaid/diagram content="sequenceDiagram
participant C as Cardholder
participant M as Merchant POS
participant AB as Acquiring Bank
participant MC as Mastercard Network
participant UR as UR
participant MN as Mantle Network

```
C->>M: 1. Taps UR Mastercard to pay $50
activate M
M->>AB: 2. Authorization Request
activate AB
AB->>MC: 3. Forward Request
activate MC
MC->>UR: 4. Route Request: "Authorize $50 for Card XYZ?"
activate UR

UR->>MN: 5. Query Balance of User's Wallet
activate MN
MN-->>UR: 6. Return Balance (e.g., 1000 USD24)
deactivate MN

UR-->>UR: 7. Verify Funds & Perform Fraud Checks

alt Sufficient Funds & Checks Pass
    UR->>MN: 8. Instruct: "BURN 50 USD24 from User's Wallet"
    activate MN
    MN-->>UR: 9. Burn Confirmed. New Balance: 950 USD24
    deactivate MN
    UR-->>MC: 10. Send Response: APPROVED
else Insufficient Funds or Fraud Flag
    UR-->>MC: 10. Send Response: DECLINED
end

deactivate UR
MC-->>AB: 11. Forward Response
deactivate MC
AB-->>M: 12. Send Final Response
deactivate AB
M-->>C: 13. Transaction Result
deactivate M
Note right of M: Displays "Approved" / "Declined" on screen" %}
```

#### 3.3. FX Conversion

Users can instantly convert between fiat currencies they hold (e.g., USD to EUR). Behind the scenes, UR executes an atomic burn-and-mint operation on the user's tokenized deposits.

{% @mermaid/diagram content="sequenceDiagram
participant U as User
participant App as UR App
participant UR as UR (System)
participant MN as Mantle Network

```
U->>App: 1. Taps 'Convert'
activate App
U->>App: 2. Enters "100 USD to EUR"

App->>UR: 3. Request FX Quote (USD/EUR)
activate UR
UR-->>App: 4. Provide Live Rate (e.g., 1 USD = 0.92 EUR)

App->>U: 5. Display Quote: "Convert 100 USD to ~92.00 EUR?"
U->>App: 6. Confirms Conversion

App->>UR: 7. Execute Confirmed FX Trade

UR-->>MN: 8. Initiate Atomic Swap
activate MN
Note over UR, MN: The following is a single atomic transaction
UR->>MN: 8a. BURN 100 USD24 from User's Wallet
UR->>MN: 8b. MINT 92.00 EUR24 to User's Wallet

MN-->>UR: 9. Transaction Confirmed
deactivate MN

UR-->>App: 10. Conversion Successful
deactivate UR

App->>U: 11. Show success screen & updated balances
deactivate App" %}
```


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