USDtb Minting
Overview: the mint and redeem contract is a smart contract defining the operations for minting and redeeming USDtb tokens based on cryptographically signed orders controlled by a single admin. EIP-712 and EIP-1271 are the signing methods currently supported. The price present in any mint/redeem orders is determined by an off-chain RFQ system, which a benefactor may accept by signing an order and submitting it to the USDtb RFQ server. The RFQ server then has last-look rights to filter out malicious orders through a strict set of validations before proceeding with signing the transaction for on-chain settlement. Key features and controls include (references to “admin” below refer to Pallas):
Max mint/redeem per block: implements the maximum amount of USDtb that can be minted/redeemed in a single block using a specific type of asset. The admin can adjust the limit per asset basis, regardless of whether the asset is active.
Global max mint/redeem per block: In addition to mint/redeem limits by asset, there is a global mint/redeem per block configuration that caps the amount of USDtb that can be minted in a single block, regardless of the asset used to mint USDtb. The admin can adjust this configuration regardless of whether the asset is active.
Delegate signers: This feature allows a whitelisted address to delegate signing to another address. The mechanism to set a delegate signer is a two-step process: first, the delegator needs to propose a delegate, and finally, the delegate needs to accept the role. The purpose of this feature is to allow smart contracts to delegate signing to an EOA to sign mint/redeem instructions.
Custodians: The admin can add custodians, who are the only addresses that can receive assets from the mint process.
Benefactor: an address holding assets (benefactor) related to a minting instruction that can receive USDtb from the minting process. Benefactors are solely Mint Users as defined in the USDtb Terms and USDtb Mint User Agreement and have been expressly registered by the admin to be able to participate in mint/redeem operations.
Beneficiary: A whitelisted address holding assets (benefactor) for a minting instruction can assign a different address (beneficiary) to receive USDtb.
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