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smom-dbis-138/docs/integration/RESERVE_BACKING_MECHANISM.md

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Reserve Backing Mechanism Documentation

Date: 2025-01-12
Status: Implementation Guide
Purpose: Legacy mainnet reserve-vault integration notes for official USDT/USDC custody and PMM mirror liquidity.

Canonical taxonomy note

Chain 138 c* assets such as cUSDT and cUSDC are GRU M1 eMoney / tokenized fiat instruments, not Tether USDT or Circle USDC issuances and not generic stablecoins. Their primary backing model is the GRU reserve and attestation framework documented in docs/04-configuration/CHAIN138_RWA_AND_TRANSPORT_ARCHITECTURE.md and docs/04-configuration/GRU_HUB_TOKEN_NAMING.md.

This document covers the legacy StablecoinReserveVault integration surface for custody of official third-party USDT/USDC and mirror-liquidity workflows. Treat official USDT/USDC as quote-side / redemption assets, not as the legal identity of Chain 138 c* eMoney.

Overview

The reserve-vault surface can custody official Tether USDT and Circle USDC tokens and expose operational checks for routes that exchange Chain 138 eMoney against those public issuer assets. It is not the canonical source of truth for GRU M1 issuance backing.

Architecture

Contract: StablecoinReserveVault

Location: contracts/reserve/StablecoinReserveVault.sol

Purpose:

  • Lock official third-party USDT/USDC tokens for designated mirror-liquidity or redemption workflows
  • Track vault balances and operational reserves for official-token custody
  • Support controlled exchange workflows between Chain 138 eMoney and public issuer assets where policy permits

Key Features:

  • Operational face-value accounting for official-token custody workflows
  • Reserve tracking and verification
  • Pause mechanism for emergencies
  • Access control with role-based permissions

Deployment

Prerequisites

  1. Official Token Addresses (Ethereum Mainnet):

    • USDT: 0xdAC17F958D2ee523a2206206994597C13D831ec7
    • USDC: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48

  2. Compliant Token Addresses (Chain 138):

    • cUSDT: 0x93E66202A11B1772E55407B32B44e5Cd8eda7f22
    • cUSDC: 0xf22258f57794CC8E06237084b353Ab30fFfa640b

  3. Network Requirements:

    • Vault should be deployed on Ethereum Mainnet (or network with official tokens)
    • Chain 138 cUSDT/cUSDC remain GRU M1 eMoney instruments; bridge and mirror workflows must preserve that taxonomy

Deployment Steps

Step 1: Set Environment Variables

# In .env file
PRIVATE_KEY=0x...
ETH_MAINNET_RPC_URL=https://eth-mainnet.g.alchemy.com/v2/YOUR_KEY

# Official tokens (Ethereum Mainnet)
OFFICIAL_USDT_ADDRESS=0xdAC17F958D2ee523a2206206994597C13D831ec7
OFFICIAL_USDC_ADDRESS=0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48

# Compliant tokens (Chain 138)
COMPLIANT_USDT_ADDRESS=0x93E66202A11B1772E55407B32B44e5Cd8eda7f22
COMPLIANT_USDC_ADDRESS=0xf22258f57794CC8E06237084b353Ab30fFfa640b

# Admin address
RESERVE_VAULT_ADMIN=0x...

Step 2: Deploy Contract

cd smom-dbis-138

forge script script/reserve/DeployStablecoinReserveVault.s.sol:DeployStablecoinReserveVault \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --broadcast \
  --legacy \
  --gas-price 30000000000 \
  --via-ir \
  -vv

# Save deployed address
export STABLECOIN_RESERVE_VAULT_ADDRESS=<deployed_address>

Step 3: Verify Deployment

# Check vault address
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "officialUSDT()" --rpc-url $ETH_MAINNET_RPC_URL
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "officialUSDC()" --rpc-url $ETH_MAINNET_RPC_URL
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "paused()" --rpc-url $ETH_MAINNET_RPC_URL

Operations

Deposit and Mint

Users can deposit official tokens and receive compliant tokens 1:1.

Deposit USDT → Mint cUSDT

# 1. Approve USDT to vault
cast send $OFFICIAL_USDT_ADDRESS \
  "approve(address,uint256)" \
  $STABLECOIN_RESERVE_VAULT_ADDRESS \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

# 2. Deposit USDT (amount in base units with 6 decimals)
# Example: 1,000,000 USDT = 1000000000000 (1e12)
cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "depositUSDT(uint256)" \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Deposit USDC → Mint cUSDC

Similar process for USDC:

# Approve and deposit
cast send $OFFICIAL_USDC_ADDRESS \
  "approve(address,uint256)" \
  $STABLECOIN_RESERVE_VAULT_ADDRESS \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "depositUSDC(uint256)" \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Redemption

Users can redeem compliant tokens for official tokens 1:1.

Redeem cUSDT → Receive USDT

cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "redeemUSDT(uint256)" \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Redeem cUSDC → Receive USDC

cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "redeemUSDC(uint256)" \
  1000000000000 \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Verification

Check Reserve Balances

# USDT reserve
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "usdtReserveBalance()" --rpc-url $ETH_MAINNET_RPC_URL | cast --to-dec

# USDC reserve
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "usdcReserveBalance()" --rpc-url $ETH_MAINNET_RPC_URL | cast --to-dec

Check Backing Ratio

# For cUSDT
cast call $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "getBackingRatio(address)" \
  $COMPLIANT_USDT_ADDRESS \
  --rpc-url $ETH_MAINNET_RPC_URL

# Returns: (reserveBalance, tokenSupply, backingRatio)
# backingRatio = 10000 means 100% backed

Check Reserve Adequacy

cast call $STABLECOIN_RESERVE_VAULT_ADDRESS "checkReserveAdequacy()" --rpc-url $ETH_MAINNET_RPC_URL

Access Control

Roles

  • DEFAULT_ADMIN_ROLE: Can pause/unpause, emergency withdraw
  • RESERVE_OPERATOR_ROLE: Can manage reserves (currently same as admin)
  • REDEMPTION_OPERATOR_ROLE: Can process redemptions (currently same as admin)

Pause Mechanism

# Pause all operations
cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "pause()" \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

# Unpause
cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "unpause()" \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Emergency Withdrawal

# Can only be called when paused
cast send $STABLECOIN_RESERVE_VAULT_ADDRESS \
  "emergencyWithdraw(address,uint256,address)" \
  $OFFICIAL_USDT_ADDRESS \
  <amount> \
  <recipient> \
  --rpc-url $ETH_MAINNET_RPC_URL \
  --private-key $PRIVATE_KEY \
  --gas-price 30000000000 \
  --legacy

Security Considerations

  1. 1:1 Backing: Always maintain reserves >= token supply
  2. Access Control: Use multi-sig for admin role in production
  3. Pause Mechanism: Test pause/unpause functionality
  4. Emergency Procedures: Have emergency withdrawal plan
  5. Audit: Conduct security audit before mainnet deployment
  6. Monitoring: Monitor reserve balances and backing ratios

Integration with Cross-Chain Bridge

For Chain 138 deployment, integrate with cross-chain bridge:

  1. Deploy vault on Ethereum Mainnet
  2. Connect to Chain 138 via bridge (CCIP or custom bridge)
  3. Bridge operations:
    • Lock official tokens on Mainnet → Mint cUSDT/cUSDC on Chain 138
    • Burn cUSDT/cUSDC on Chain 138 → Unlock official tokens on Mainnet

Example Usage Script

See scripts/setup-reserve-vault.sh for automated setup and verification.

Next Steps

  1. Deploy vault contract
  2. Fund with initial reserves
  3. Enable deposits
  4. Monitor backing ratios
  5. Integrate with DODO PMM pools for exchangeability
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