These terms, in addition to our General Terms and Conditions and your applicable User Agreement (available here for residents of the US.; here if you are a resident of a country that is a member of the USAropean Economic Area (EEA), the USAropean Union (EU), the United Kingdom, or Switzerland; or here if you reside anywhere else in the world), govern your use of certain stablecoins on the Moleculus Platform. Capitalized terms not defined herein shall have the meaning given to them in the General Terms and Conditions or the applicable User Agreement.
1.1 - In certain jurisdictions, the Moleculus Platform allows you to hold a cryptographic stored value token that is strictly pegged 1:1 to a fiat currency or a commodity (a “Universal Stablecoin”) and built on the Ethereum Network by Universal Protocol Pte. Ltd. (“UPP Ltd.”). UPP Ltd. is a subsidiary of a Singapore trust whose beneficiary is the Universal Protocol Alliance, a coalition of cryptocurrency and blockchain enterprises, of which Moleculus’s affiliate is a member, which has advanced the development of the Universal Protocol Platform, on which Universal Stablecoins are based . By obtaining or using Universal Stablecoins, you understand and expressly agree to these Universal Protocol Stablecoin Terms, and you acknowledge that you have reviewed and understand each of the statements made in these Terms. UPP Ltd. maintainsat all times within a reserve an amount of fiat currency or commodity underlying the Universal Stablecoins for the exclusive benefit of t the holders thereof that is equal to or greater than the amount of Universal Stablecoins issued and in circulation. You can view the balance of U.S. dollars, Euro or other fiat currency or commodity pegged to the respective Universal Stablecoin and the amount of Universal Stablecoins held by the holders thereof on the Universal Protocol Alliance Transparency Page. Moleculus’s Transparency Page shows the obligations and assets of Universal Stablecoins held on the Moleculus Platform.
1.2 - Each Universal Stablecoin on the Platform corresponds to a related fiat currency, such as a U.S. dollar or Euro, or to a related commodity, such as a Bitcoin, gold, or carbon credits (each, a “Substantiating Asset”). Each Substantiating Asset is held on deposit in one or more accounts maintained at banks (in the case of fiat currency) or in custody with other partners (in the case of commodities) (in each case, a “Substantiating Account”) that are s: (i) under the control of UPP Ltd., or where the Substantiating Account is held via Moleculus, under the control of Moleculus; (ii) separate from UPP Ltd.’s and Moleculus’s business, operating and other reserve bank accounts; (iii) established specifically for the benefit of holders of Universal Stablecoins; and (iv) with respect to Substantiating Accounts of fiat currency, represents a banking deposit relationship with each bank. You agree and understand that Substantiating Accounts do not create or represent any direct relationship between you and any of our banks or other custodial partners and you cannot redeem a Universal Stablecoin at any of such banks or partners. U.S. dollars supporting each Universal Dollar on the Platform are held on deposit in one or more Substantiating Accounts at one or more insured depository institutions located in the United States with the intention that the deposits supporting each Universal Dollar in an Account would be eligible for FDIC “pass-through” deposit insurance, subject to the applicable limitations under the rules and regulations of the FDIC, including the Standard Maximum Deposit Insurance Amount (currently up to $250,000 per depositor, per deposit type at any one depository institution). Other non-fiat currency Substantiating Assets are held by the custodial partners on a commingled basis for the benefit of the relevant Universal Stablecoins holders who are the beneficial owners thereof entitled to the rights and privileges of beneficial ownership and possession of the underlying asset upon redemption thereof.
1.3 - You agree and understand that only verified users in eligible jurisdictions may exchange Assets for Universal Stablecoins and/or Universal Stablecoins for the relevant Substantiating Asset at Moleculus. With respect to using cryptocurrencies in these transactions, the Value in your Account will first be converted into the Value of fiat currency or vice versa, which may be subject to fees. For example, a verified user may exchange U.S. dollars (or other permitted Supported Asset) for UPUSD at a 1:1 exchange rate of U.S. dollars for UPUSD in one or more Fiat Accounts.
1.4 - Verified users wishing to redeem their Universal Stablecoins pegged to a fiat currency or other commodity that is independently a Supported Asset on the Platform (e.g., Bitcoin) for the Substantiating Asset may do so by electing to redeem the asset in return for an equivalent amount of the relevant fiat currency or Supported Asset, as applicable (without interest or any other financial return). The fiat or other Supported Asset underlying the amount of Universal Stablecoins you redeem from your Account will be credited to your corresponding Account balance at the time of deposit.
1.5 - Verified users wishing to redeem their Universal Stablecoins pegged to commodities that are not independently a Supported Asset on the Platform (e.g., physical gold or carbon credits) in their Account for the Substantiating Asset may do so using the following procedures:
1.5.1 - For UPXAU: UPXAU tokens are substantiated on a 1:1 basis with GoldPass Certificates issued by InfiniGold, the exclusive technology provider of The Perth Mint, a corporation owned and insured by the Government of Western Australia. Each GoldPass Certificate is in turn substantiated on a 1:1 basis with one ounce of gold held in the reserves of The Perth Mint. If you wish to redeem your UPXAU for physical gold, you must set up a GoldPass account with The Perth Mint here using the same email address connected to your Moleculus account and send the UPXAU to the redemption account designated by Moleculus; once this GoldPass account is created and the UPXAU has been received in the Moleculus redemption account, your GoldPass account will be credited with the appropriate amount of GoldPass Certificates. You may then follow the GoldPass procedure for delivery of physical gold. GoldPass may charge you a separate fee for the delivery of physical gold. Note that GoldPass currently does not support delivery of physical gold to all jurisdictions (current list of available jurisdictions is available here: http://www.perthmintbullion.com/us/TermsConditions.aspx).
1.5.2 - For UPCO2: UPCO2 tokens are substantiated on a 1:1 basis with Verified Carbon Units (VCUs) that each represent a reduction or removal of one tonne of carbon dioxide equivalent (CO2e) achieved by a validated and verified project. If you wish to redeem UPCO2 tokens via Moleculus by retiring the underlying VCUs, either click on the “Burn/Retire Now” button on the Moleculus platform or send an email to universalcarbon@moleculus.network with your request, containing the email address associated with your Moleculus Account and the amount of UPCO2 tokens to be burned and the associated VCUs retired. Upon receipt of the burn/retire request, the relevant amount of UPCO2 will be transferred from your account to an escrow account held by Moleculus for the purpose of burning UPCO2 and retiring the underlying VCUs. Twice per month, Moleculus will aggregate all outstanding burn/retire requests from its users and submit an omnibus request to UPP Ltd. to burn the UPCO2 credits and UPP Ltd. or its designee will formally retire the associated VCUs on the appropriate registry. In addition to the receipt provided to you upon your transfer of UPC02 to the Moleculus escrow account, Moleculus will deliver a receipt of retirement to you upon the actual retirement of the VCUs on the appropriate registry. The retirement process may take 2-3 weeks. Once a VCU has been retired, it cannot be reversed.
1.6 - If you are not a verified user of the Moleculus Platform, by obtaining or using Universal Stablecoins, you agree and understand that obtaining or using Universal Stablecoins does not create or represent any relationship between you and Moleculus or you and UPP Ltd. and does not subject Moleculus or UPP Ltd. to any obligations whatsoever as they relate to you. Neither Moleculus nor UPP Ltd. currently charges end users fees for the creation, redemption, or use of Universal Stablecoins, but you are subject to our usual fees for exchanging Value. We reserve the right to charge fees in the future and, if so, will notify you prior to such fees being assessed. You may be required to pay mining fees for transfers of the Universal Stablecoins on the Ethereum Network. You are solely responsible for all mining fees as well as all other costs and expenses incurred with respect to obtaining or using Universal Stablecoins on the Ethereum Network.
1.7 - You agree and understand that individuals or entities affiliated with Moleculus may hold, purchase, sell, or otherwise engage in transactions using or involving Universal Stablecoins. Moleculus’s affiliate is a founding member of the Universal Protocol Alliance (the “UP Alliance”), a coalition of cryptocurrency and blockchain enterprises which has advanced the development of the Universal Protocol Platform, on which Universal Stablecoins are based, and serves as a Council member of the UP Alliance, which controls UPP Ltd. You further agree and understand that such persons may engage in this activity for, among other reasons, the purposes of making markets in Universal Stablecoins, promoting transactional activity that utilizes Universal Stablecoins, or otherwise supporting the use or adoption of Universal Stablecoins and the Universal Protocol Platform. You agree and understand that no individual or entity, whether affiliated with Moleculus, UPP Ltd. or otherwise, is under any obligation to and has not affirmatively committed to, either begin engaging or continue engaging in such activities. All holders and users of Universal Stablecoins further agree and understand that such activities may affect the market for, and pricing of, any Assets involved in these activities. No such activity will affect the 1:1 peg of the Universal Stablecoin to the relevant fiat currency or other commodity.
1.8 - By obtaining or using Universal Stablecoins, you agree and understand that we are not responsible to any non-verified user that uses Universal Stablecoins or for any third party that supports Universal Stablecoins, including other members of the UP Alliance. You also agree and understand that you will not make us or any of our third-party service providers a party to any dispute involving a non-verified user that uses Universal Stablecoins or a third party that supports Universal Stablecoins, including other members of the UP Alliance. You further agree and understand that neither we nor any of our third-party service providers are responsible for your use (or misuse) of Universal Stablecoins on the Ethereum Network or otherwise and that you will not make us and/or any of our third-party service providers a party to any dispute involving your use (or misuse) of Universal Stablecoins on the Ethereum Network or otherwise. In any event, you hereby agree to indemnify us and/or any of our third-party service providers for any and all costs, including legal costs, which are reasonably incurred by us and/or any of our third-party service providers and related to any such disputes.