Receiving stablecoins directly into your GrabrFi account allows you to quickly convert them to USD and access your funds.
Prerequisites
To receive stablecoins, you must have a GrabrFi account that has been created and verified.
Step-by-Step Guide to Receiving Stablecoins
1. Get Started
On your GrabrFi account, navigate to the "Transfers" section.
Click on "Receive a stablecoins transfer" or an equivalent button to generate your unique wallet address.
2. Complete Stablecoin Verification (One-time Step)
Before you can receive stablecoins, you must complete a brief compliance step required by US regulations:
Answer a brief questionnaire: You will be asked some questions about your financial profile and how you intend to use stablecoins.
Most customers are approved within minutes. In some cases, our partner Bridge (our licensed stablecoin partner) might ask you to provide additional documents.
Once approved for this feature, you can proceed to generate your receiving address.
3. Generate Your Wallet Address
Click on "Generate wallet address" or "Start a new deposit".
Select the type of USD stablecoin you wish to receive. We currently support USDC, USDT, and PYUSD.
Select the blockchain (network) you are expecting the funds to be sent over. We support Solana, Base, and Ethereum.
Important: Your wallet address will be unique to the selected stablecoin and network (e.g., a USDC address on Solana will be different from a USDC address on Ethereum).
4. Share Your Deposit Details
Your unique wallet address will be displayed. You can copy this address or scan the provided QR code.
Share this address with the sender (the person or platform sending you stablecoins).
Crucial Note: Ensure the sender is using the exact stablecoin and network that matches the address you provided. Sending funds to the wrong address or network may result in a permanent loss of funds.
5. Funds are Received and Converted
Once the stablecoins are sent, they will be received by our licensed partner, Bridge.
The stablecoins will be automatically converted to USD at a 1:1 exchange rate and deposited into your GrabrFi USD balance.
Processing Time
Deposits are usually processed and reflected in your GrabrFi balance on the same or next business day, depending on the speed of the blockchain network and banking hours.