# Minting & Redeeming

The architectural design for stablecoin minting and redemption involves two primary contracts: the Treasury contract and the Stablecoin contract, both managed by a multi-signature wallet. Only clients who have passed KYC/KYB and AML screenings are whitelisted to mint or redeem stablecoins.

**Minting Process**

1. **KYC and AML Checks:**
   * Users must complete KYC and AML checks.
   * The user's Genifi account must be topped up with fiat.
2. **Minting Request:**
   * Users request the minting of stablecoin.
3. **Verification:**
   * We verify the user's fiat balance on Genifi.
4. **Treasury Request:**
   * A request is sent to the treasury to issue stablecoins.
5. **Proof of Reserve (PoR) Update:**
   * The PoR is updated.
6. **Issuance:**
   * If the treasury has enough authorized stablecoins, they are issued to the user.
   * If not, or if the requested amount is too high, the request goes to a multi-signature wallet, which authorizes the necessary amount of stablecoins to the treasury.

**Redemption Process**

1. **Redemption Request:**
   * A registered and KYC-verified client requests redemption.
2. **Transfer to Treasury:**
   * The stablecoins are transferred to the treasury.
3. **Proof of Reserve (PoR) Update:**
   * The PoR is updated.
4. **Fiat Credit:**
   * The fiat balance is credited to the client's account.
5. **Withdrawal:**
   * The user can withdraw the credited fiat to their bank account.