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Stablecoin transfers with external wallets
Stablecoin transfers with external wallets

Add USDC and remove USDC or USDP on the Solana Blockchain

Updated over 2 months ago

Sling Money allows you to transfer supported stablecoins to and from external (non-Sling Money) wallets on the Solana blockchain. This capability is primarily designed to allow people in countries where Sling doesn't have fiat payments to participate in the Sling ecosystem.

Supported blockchains and stablecoins

Sling Money supports the Solana Blockchain and the USDP and USDC stablecoins. You should assume that transfers sent in error with unsupported blockchains or stablecoins will result in lost funds.

Removing money with stablecoins

To remove money with stablecoins:

  1. Tap Payment Methods in the Sling Money app

  2. Tap Add New Payment Method

  3. Choose USDC or USDP as the currency for your Payment Method

  4. Enter the wallet address of your compatible Solana wallet and give it a nickname

  5. Save your Payment Method

  6. Withdraw to your new Solana Payment Method.

Your stablecoin transfer will automatically be converted from your wallet's storage currency (e.g. USDP) to your Payment Method's currency (e.g. USDC).

Adding money with stablecoins

To add USDC to Sling Money:

  1. Tap Wallet Details in the Sling Money app

  2. Create a new Transfer Wallet

  3. Copy the Transfer Wallet address and paste it in to your other wallet or exchange application to perform a transfer.

  4. Once the transfer is complete, open your Sling App to accept the transfer into your primary Sling Wallet.

Transfers sent using unsupported blockchains or stablecoins will not appear in the Sling Money app and you should assume they will result in lost funds. Please be careful to only transfer USDP and USDC on the Solana blockchain.

Transfer Wallets

All stablecoin transfers in and out of Sling Money are performed using disposable Transfer Wallets, which are created specifically for the purpose of facilitating third-party wallet transfers.

Transfer Wallets are self-custodial, just like your Primary Wallet, and you may export the key(s) for your Transfer Wallets at any time.

Understanding Sling Money's compliance obligations

Your Sling Wallet is self-custodial and you can export your keys at any time.

Sling Money's provision of on-ramps and off-ramps are subject to strict obligations to comply with global Anti-Money Laundering and Counter-Terrorist Financing laws and regulations including adherence to Travel Rule compliance and sanctions issued by the United States, United Kingdom, European Union, United Nations and other countries.

All external wallet stablecoin transfers are performed through Transfer Wallets which facilitate the analysis of transfers to ensure they are in compliance with Sling Money's obligations and risk appetite.

Important notes:

  • If an external wallet stablecoin transfer is performed directly to your Primary Wallet without using a provided Transfer Wallet you may lose access to Sling Money's on-ramps and off-ramps and access to the Sling Money Directory.

  • If a transfer is found to be outside of Sling Money's risk appetite for the provision of its fiat ramps Sling Money may suggest that you either send the transferred funds back or that you export the private key of the Transfer Wallet from your Sling Money app and manage it with non-Sling Wallet software.

  • If you choose to transfer funds which we've told you are outside of our risk appetite from a Transfer Wallet into your primary Sling Wallet then you may lose access to Sling Money's on-ramps, off-ramps and Sling Money Directory.

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