Offloader Wallet

SpherePay's Offloader Wallets provide a streamlined, automatic solution to convert stablecoins into fiat currency. Designed specifically for developers and businesses integrating with SpherePay, Offloader Wallets leverage dedicated wallet addresses linked to your chosen destination bank account, ensuring a seamless stablecoin-to-fiat conversion experience.

High-level workflow

When you set up an Offloader wallet via Dashboard, SpherePay creates a unique wallet address associated with a bank account. Each incoming transfer to this wallet address automatically triggers an instant conversion from a supported stablecoin (USDC or USDT) into fiat (USD), which is then immediately delivered to the linked bank account.

Supported Rails & Currencies

Currently, SpherePay supports:

• Fiat Currency: USD on ACH, Wire, EUR on SEPA
• Stablecoins:
  • USDC on Arbitrum, Avalanche, Base, Ethereum, Polygon, Solana
  • USDT on Ethereum

Supported Regions

SpherePay Off-Ramp Wallet is available to end-users globally, except in regions sanctioned or otherwise prohibited by law.

Offloader Wallet Setup (Dashboard)

To successfully set up and utilize an Offloader Wallet, follow these steps:

1. Merchant Setup

• Ensure your business has an active SpherePay account. Please refer to the Getting Access guide for more information.
• Complete the SpherePay KYB (Know Your Business) process.

2. Register a Bank Account

Register a bank account on the dashboard. Please refer to the Transfer Management guide for more information.

3. Create an Offloader Wallet through Dashboard

Once the bank account has been successfully registered and activated, you can generate multiple Offloader wallets for the same bank account. Follow the steps below to create an Offloader wallet:

1. Navigate to SpherePay's dashboard.
2. Click on the "Transfer" main menu.
3. Click on the "Bank Account" tab.
4. On the bank account list, click the triple dot icon on the right side of the bank account you want to create an Offloader wallet for.
5. Click on the "Generate Wallet Address" option.
6. Select the appropriate currency and network for the Offloader wallet.
7. Click on the "Generate" button.
8. The Offloader wallet address will be generated and displayed on the screen.
9. Copy the Offloader wallet address and share it with your customers.
10. Your customers can now send stablecoins to the Offloader wallet address to convert to fiat currency.

Transaction Timing

Transfers to your Offloader Wallet are converted instantly once funds arrive. The fiat currency will be credited to the bank account according to the Settlement Period of the bank account and the method of payment.

Security and Compliance

SpherePay's Offloader Wallets strictly adhere to comprehensive KYB and KYC verification protocols to ensure compliance and security.

Additional Notes

• Currently, SpherePay Offloader Wallets do not support webhook notifications.
• To maintain operational simplicity and reliability, event ordering or additional sandbox testing environments for Offloader Wallet are not supported or required.
• Listing transactions history from an Offloader wallet is currently not supported. We are working on adding this feature in the future. Please contact your sales representative to learn more.