# Money Printer

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:construction: This page is only about the Direct Deposit module. The other modules are under development.
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### Printing

jFIATs can be printed by the governance and directly deposited into whitelisted money markets. This allows seeding the liquidity for borrowers. The protocol's treasury receives all the interest generated by the loans.

> **Example**
>
> The governance can print 500,000 jEUR and deposit them into Aave in the same transaction.

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The governance can play with the interest rates to match the demand: depositing more jEUR would decrease the interest rates while withdrawing them would increase them.
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### Over-collateralization

Unlike other minting mechanisms, printing does not require providing collateral.

The printed jFIATs are directly deposited into a whitelisted money market. Until they are not borrowed, they remain in the money market and are not in the circulating supply. 

Users need to provide collateral to borrow them. Therefore, when these jFIATs are borrowed and enter the circulating supply, they are over-collateralized by the money market protocol.

> **Example**
>
> The governance prints 700,000 jEUR ($735,000) and deposits them into Midas.
>
> These jEUR are uncollateralized but are not in the circulating supply.
>
> A user borrows 100,000 jEUR ($105,000) by depositing $40,000 of collateral.
>
> Therefore, 600,000 jEUR are uncollateralized and remain in Midas, and 100,000 are now in the circulating supply with and over-collateralized with a 200% collateral ratio.

### Liquidation

The liquidation is happening on the money market protocol and depends on the latter's design.

### Read more on our blog:

{% embed url="<https://medium.com/jarvis-network/the-synthereum-money-printer-use-case-8e32fe0298b8>" %}


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