🪙Minting & Redeeming

Institutional users who complete onboarding and have their wallet whitelisted can mint and redeem SIERRA directly with Sierra Reserve Limited, the issuer of SIERRA.

Minting SIERRA

1. Connect your whitelisted wallet to the Sierra web app

2. Navigate to the "Mint" page

3. Input the amount you'd like to mint

4. Click "Approve"

5. Approve the spending cap in your wallet

6. Approve the deposit transaction in your wallet

USDC will be deposited into the SIERRA contract and SIERRA will be minted immediately to your wallet at the current exchange rate

The native liquidity asset for SIERRA is USDC. SIERRA can be minted with and redeemed for USDC 24/7/365.

Redeeming SIERRA

1. Connect your whitelisted wallet to the Sierra web app

2. Navigate to the "Mint" page

3. Input the amount you'd like to redeem

4. Approve the redemption request in your wallet

After your redemption request is processed, SIERRA will be burned and USDC will be transferred to your wallet. The exchange rate for the redemption is fixed at the time you make the redemption request.

The standard SLA for redemptions is 2 business days. Most redemptions are repaid same day, typically within 1-2 hours.

Minting with alternative liquidity assets

The Sierra protocol also supports minting SIERRA with alternative liquidity assets. Alternative liquidity assets are approved by the Issuer. A list of the currently approved Alternative Liquidity Asset is provided below and will be updated as new alternative liquidity assets are approved.

Alternative Liquidity Asset	Network
USDT	Ethereum