Mint or burn a token/s

1. Mint
2. Burn

The network enables seamless 24/7 settlement. To achieve this, the process involves the following:

• Cash transfer: The underlying clients (ULC’s) first transfer FIAT currency to the PM’s bank account (omnibus account)
• Minting: The PM must accurately track the cash received in their omnibus account for each client. The PM will then mint tokens on the Network at a 1:1 ratio with the cash received
• Asset distribution: Once the tokens are Minted and available in the PM’s CurrencyOps Vault, the PM must transfer the equivalent amount of tokens for each client based on the received cash
• Availability for transactions: The tokens are then made available for the underlying clients to transact on the network with other ULCs
• Redeeming tokens: When a ULC wishes to convert their tokens back to FIAT, they transfer the tokens to the PM’s CurrencyOps Vault
• Burning and cash settlement: At the end of the day, the PM will burn the tokens collected from the ULCs and transfer the corresponding amount of cash from the omnibus account back to the respective client’s bank account
• Tracking burn requests: The PM must maintain an accurate record of all burn requests received from each ULC to ensure proper reconciliation of the cash transfers

Mint

To mint a token on io.network, please follow the below process:

1. Under Network Management, click the “Mint” button
2. Enter the amount you wish to Mint

3. Click the “Mint tokens” button

   1. Please Note: Next to this button, you can hover over "Multiple Approvals Required" to view the list of authorized approvers for this request
4. Each user designated as a member of the CurrencyOps Vault signing party must approve the request on their device to proceed with the minting process
   1. A request must be approved and completed within 10 minutes, after which the request will expire
5. After all signing parties have approved the request, click "Finish" to complete the process
6. In the “Tokenization” tab, you can view:
   
   1. The updated balance for each asset
   2. The “Recent Activity” section showing detailed information about the most recent actions taken

Burn

To burn a token on io.network, please follow the below process:

1. Under Network Management, click the “Burn” button
2. Enter the amount you wish to Burn

3. Click the “Burn tokens” button

   1. Please Note: Next to this button, you can hover over "Multiple Approvals Required" to view the list of authorized approvers for this request

4. Each user designated as a member of the CurrencyOps Vault signing party must approve the request on their device to proceed with the burning process

   1. A request must be approved and completed within 10 minutes, after which the request will expire

5. After all signing parties have approved the request, click "Finish" to complete the process

6. In the “Tokenization” tab, you can view:

   •  the updated balance for each asset
   • The “Recent Activity” section showing detailed information about the most recent actions taken

In the “Tokenization” tab, you can view:

•  the updated balance for each asset
• The “Recent Activity” section showing detailed information about the most recent actions taken