Mintwell is a fictional company. All data is synthetic. Back to the site
Live
Failing since 2 OctDrifting · Treasury NPRMC-RED-03 · v4

Redeem MWUSD at par within two business days

Every redemption request for MWUSD is settled in US dollars at par no later than the second business day after the request. Owner Dana Whitlock · streaming test on every redemption event.

Last 30 days
Issue ISS-1182 · late redemptions
Late redemptions
37 of 4,112
Value late
$2.4M
Longest delay
T+3
Complaints
4

Root cause (AI draft, 0.86): requests after 16:00 ET on Thursday 1 Oct missed the partner bank's 17:00 ET wire cut-off and the Friday batch failed on a bank-side outage.

Drafted remediation · awaiting Dana Whitlock
  1. Add a second settlement bank with a later cut-off.
  2. Change the control to alert at T+1 14:00 ET when any request is still unsettled.
  3. Notify the 37 affected holders with the settlement time.

Obligations this control satisfies

Obligation
Redeem payment stablecoins promptly at par on request
Source
GENIUS Act (illustrative)
Status
In force
Obligation
Redemption generally within 2 business days
Source
OCC proposed rule (illustrative)
Status
Proposed
Obligation
Timely redemption at par, no more than two full business days
Source
NYDFS stablecoin guidance
Status
In force
Obligation
Stablecoin redemption rights disclosed and honoured
Source
California DFAL
Status
Licence condition
Obligation
Fees and timing represented accurately to holders
Source
Dodd-Frank §1031 UDAAP
Status
In force
Evidence packs
Related on the dial
  • C-RED-07 · redemption surge playbook
  • C-RES-01 · 1:1 reserve coverage, intraday
  • C-UDA-05 · fee and timing disclosures
Activity
  • 4 Oct · Tester ran again · issue updated
  • 3 Oct · Drafter wrote root cause and remediation
  • 2 Oct · Control failed · ISS-1182 opened
  • 18 Aug · Mapper flagged drift from Treasury NPRM