Off-Loader Wallet (Off-Ramp)

SpherePay's Off-Loader Wallet provides a streamlined, automatic solution to convert stablecoins into fiat currency directly. Designed specifically for developers and businesses integrating with SpherePay, Off-Loader Wallet leverages dedicated virtual bank accounts linked to your chosen wallet addresses, ensuring a seamless stablecoin-to-fiat conversion experience.

How It Works

When you set up an off-loader wallet, SpherePay creates a unique wallet address associated directly with a the 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 Currencies

Currently, SpherePay supports:

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

Supported Regions

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

Setting Up an Off-Loader Wallet

To successfully set up and utilize an Off-Loader 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 & Bank Account guide for more information.

3. Create an Off-Loader Wallet

Once the bank account has been successfully registered and activated, you can generate multiple off-loader wallets for the same bank account. Follow the steps below to create an off-loader 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 off-loader wallet for.
5. Click on the "Generate Wallet Address" option.
6. Select the appropriate currency and network for the off-loader wallet.
7. Click on the "Generate" button.
8. The off-loader wallet address will be generated and displayed on the screen.
9. Copy the off-loader wallet address and share it with your customers.
10. Your customers can now send stablecoins to the off-loader wallet address to convert to fiat currency.

Transaction Timing

Transfers to your Off-Loader 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 Virtual Accounts strictly adhere to comprehensive KYB and KYC verification protocols to ensure compliance and security.

Additional Notes

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