> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hamilton.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# How it works

> Who can become a Mint User, how onboarding works, and how to mint and redeem.

**Minting and redeeming USDh with Hamilton is a service for businesses.** A business that completes onboarding becomes a Mint User of Hamilton Digital Assets Limited (HDA). Everyone else gets USDh by swapping for it.

## Who qualifies

Institutions, accredited investors, market makers, liquidity providers and other professional counterparties. **Hamilton does not onboard individuals or US persons.**

> [accordion] Places where USDh is not offered
>
> **USDh is not offered to anyone in, or living in,** the United States and its territories, or a country under broad sanctions, including Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions of Ukraine.
>
> **Mint User status is also not available in** Abkhazia, Afghanistan, Angola, Belarus, Burundi, the Central African Republic, the Democratic Republic of the Congo, Ethiopia, Guinea-Bissau, Côte d'Ivoire, Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Venezuela, Yemen and Zimbabwe.
>
> The app blocks these places based on where you connect from, and every Mint User's residence is checked during onboarding. No check catches everything. The binding lists are in the [USDh terms](https://docs.hamilton.xyz/legal/legal-documents/usdh-terms-and-conditions.md) and the [Mint user agreement](https://docs.hamilton.xyz/legal/legal-documents/mint-user-agreement.md).

## Onboarding

**1. Apply**

Email [legal@hamilton.xyz](mailto:legal@hamilton.xyz) with a short note about your business.

**2. Identity checks (KYC and KYB)**

Hamilton checks your company, its owners and its sanctions status through Didit, its identity provider. KYC means checking people; KYB means checking the business.

**3. Sign the Mint user agreement**

You accept the [Mint user agreement](https://docs.hamilton.xyz/legal/legal-documents/mint-user-agreement.md) online. It sets the rules for everything on this page.

**4. Verify your wallet**

You prove you control one self-custodial wallet by signing a message with it. Only this wallet can mint and redeem. Changing it needs a signed amendment.

**5. Go live**

Hamilton adds your wallet to the contract's approved list. The contract itself enforces this: a wallet that is not on the list cannot mint or redeem at all.

## Minting

| How you pay | What happens | When you get USDh |
| - | - | - |
| **USDC** | You send USDC and the contract creates the same amount of USDh, one for one | Instantly, in the same transaction |
| **US dollar wire** | You wire dollars to Hamilton's account. Hamilton creates the USDh once the funds clear | Usually 3 to 5 business days |

The minimum mint is **USD 100,000** or the equivalent, unless agreed otherwise. There is no minting fee today. Your own bank's fees still apply to a wire.

> [tab] With USDC
>
> In the app, open **Mint and Redeem**, choose **Mint**, then **From Wallet**. Enter the amount of USDC and press **Mint USDh**. The screen shows the rate (1 USDC = 1 USDh) and that settlement is instant.

> [tab] With a wire
>
> Choose **From Bank**, pick your registered bank account, enter the amount and press **Next**. The app shows Hamilton's bank details for the transfer. Your USDh arrives in your wallet once the funds clear.

## Redeeming

Redeeming works in reverse. You send back USDh, it is destroyed, and you receive USDC on the blockchain or US dollars by wire, one for one. There is no redemption fee today. In the app, open **Mint and Redeem** and choose **Redeem**.

What a business should know before it relies on redemption:

* **Redemption limit.** By default you can redeem up to half of your USDh balance, measured when you last minted, in each 7-day window. The contract enforces this. Higher limits can be agreed. See the worked example on [Limits and fees](https://docs.hamilton.xyz/using-hamilton/limits-and-timing.md).
* **Possible delay.** HDA may delay a redemption by up to 5 business days if reserve assets are still settling or markets are disrupted. You get notice and a new date.
* **Paid in kind.** If the stablecoin you ask for cannot be sold or has lost value, HDA may pay you in another asset of equal dollar value.
* **Sanctions checks.** Every transaction is screened. HDA may decline or pause a transaction under its compliance rules.
* **Not a bank deposit.** Redemption targets one for one, but it is not unconditional in every circumstance. The Mint user agreement sets out the full conditions.

## If you're not a Mint User

You can hold, send and swap USDh without an account or identity check. You can't redeem with HDA directly. To exit, you swap at the market price, or use an approved route such as an aggregator. Any business can apply to become a Mint User.

*Where this page differs from the Mint user agreement or the USDh terms, those documents win.*

*Last updated: 10 November 2026*


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.