The Wrappers are smart contract to convert one stablecoin into its jFIAT’s equivalence.

Wrapping and unwrapping

Users can wrap an approved fiat-backed stablecoin into its jFIAT equivalent and vice versa, at a 1-to-1 ratio, without any fee.
A user can wrap 10,000 EURe into 10,000 jEUR, or unwrap 1,000 jCAD into 1,000 CADC.
Thanks to the 1-to-1 wrapping and unwrapping ratio, fiat-backed stablecoins, and their jFIATs equivalent inherit from their respective features: Wrappers confer to jFIATs a fiat on and off-ramp, and to fiat-backed stablecoins access to deep on-chain liquidity.
The Wrappers reduce the market risk of jFIATs by introducing collateral in fiat by proxy. jFIATs minted through the Wrappers are backed by their equivalent fiat-backed stablecoins, backed by real fiat.


There is no limit for wrapping a fiat-backed stablecoin into a jFIAT; however, the unwrapping liquidity is limited to the number of fiat-backed stablecoins that have been wrapped.
Users have wrapped 50,000 XSGD into 50,000 jSGD. Therefore, a maximum of 50,000 jSGD can be unwrapped.

Fixed exchange rate jFIAT

Fixed exchange rate jFIATs are stablecoins tracking the price of currencies pegged to another one.
The Franc CFA (XAF and XOF) is pegged to the Euro, with a EUR/XAF exchange rate of approximately 656.
Fixed exchange rate jFIATs are using the Wrappers contract, with the difference that the ratio is not 1-to-1, but 1-to-X, where X is the exchange rate.
A user can wrap 100 jEUR into 65,600 jXAF or jXOF.

Collateral lent

The collateral is lent on money markets. The protocol's treasury receives all the interests generated.
Lending the collateral may reduce unwrapping-side liquidity since borrowed assets cannot be withdrawn from the money market.
🚧 The module for lending the collateral on money market is under development.


The governance can pause the wrapping of a Wrapper.
Last modified 1mo ago