Issuance
Token issuance refers to the process of increasing the supply of Universal tokens in circulation through minting.
Last updated
Token issuance refers to the process of increasing the supply of Universal tokens in circulation through minting.
Last updated
The issuance process is administrated by the Universal network, however, the process can only be initiated by a merchant, with each token being collateralized by its respective asset. Tokens can only be issued to whitelisted destination addresses of Merchants Sequence of events for issuance of Universal Tokens: 1. The merchant initiates the issuance process by sending a transaction to the token contract. This transaction signals the merchant's intent to send underlying assets equivalent to the desired number of Universal tokens. 2. The merchant specifies the blockchain and address where they want to receive these tokens. The merchant transfers the corresponding underlying assets to the custodian. The value of these assets should match the value of the Universal tokens they wish to issue. 3. Upon receiving the underlying assets, the network verifies the received amount. Once the verification is successful, the network creates a transaction to mint the new Universal tokens. The specified number of tokens (n) are then issued to the merchant's address on their desired blockchain.
