This Stable Universal Standard Terms and Conditions (hereinafter “SU Agreement” or “SU Terms and Conditions”) constitute the terms and conditions for the provisions of and use of the US dollar denominated and backed stable-coin managed by Stable Universal Limited known as HUSD (“HUSD”). These terms apply to each electronic form or contract executed by users and/or members who use HUSD, unless expressly stipulated otherwise in any agreement with Stable Universal. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the General Terms and Conditions.
- PRELIMINARY PROVISIONS
- Terms and Conditions
- You must agree to all of the SU Terms and Conditions
- If you do not agree to or accept all the terms of SU Terms and Conditions, please immediately discontinue access to, and use of, HUSD and/or all Stable Universal’s services and products. SU Terms and Conditions applies to all users and/or customers of the Stable Universal, whether as a guest or a registered Member.
- By agreeing to the SU Terms and Conditions, you agree to be bound by any agreements with Stable Universal, as applicable.
- If you are under the age of eighteen (18) or the legal age for entering legally binding contracts under any competent jurisdictions, you are not permitted to use HUSD and/or any of Stable Universal’s services and products. By continuing to access or use the Site, you indicate that you are (18) years of age or older or have the legal capacity to enter legally binding contracts under applicable laws. Misrepresentation of your age to gain access to HUSD and/or the any of Stable Universal’s services and products is a breach of this Agreement.
“You” or “Your” refers to anyone who access to the website www.stcoins.com .
“We”, “Us”, “Our” and “Ours” refers to Stable Universal Limited
“Member” means those users who has successfully registered with Stable Universal and has passed necessary Know-Your-Client procedures to use Stable Universal’s Services and Products.
“Account” means a Member’s account with Stable Universal.
“Platform” means the online software platform operated by Stable Universal for the issuance and redemption of HUSD.
“Stable Universal’s Services and Products” means all services and products provided by Stable Universal, whether or not those are provides via the Platform.
“The Company” means Stable Universal and/or any entity of the Group of Stable Universal.
“Group of Stable Universal” means the holding company of Stable Universal as well as all the subsidiaries and affiliates companies of Stable Universal
“PAXOS” means Paxos Trust Company LLC
- DISCLAIMER; RISK FACTORS
- The Ethereum blockchain may experience backlogs, higher than normal transaction fees, changes to the network, failure or a fork in the protocol. We do not own or control the Ethereum blockchain and are not responsible for the operation of the Ethereum network and make no guarantees regarding the network’s security, functionality, or availability.
- HUSD is a ERC20 token. Consequently, it may be compatible with software or other technology provided by third-party. The Company does not guarantee the security or functionality of any third-party software or technology and is not responsible for any losses of HUSD due to the failure of third-party software or technology.
- Legislative and regulatory changes or actions at the state, provincial, federal or international level may adversely affect the use, transfer, exchange and value of crypto-assets.
- Transactions in crypto-assets may be irreversible and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable
- Some crypto-asset transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that you or any other person initiates the transaction.
- Crypto-assets in a given address are controlled by the private key of the holder of the address. If the private key is compromised or lost, the crypto assets in that address may be stolen or lost or otherwise unrecoverable. Any loss associated with the incidence relating to private key shall be subject to customer’s own obligation and liability.
- The value of some crypto-assets may be derived from or influenced by the continued willingness of market participants to exchange fiat currencies for crypto assets, which may result in the potential permanent and total loss of value of a particular crypto-asset.
- There is no assurance that a person who accepts crypto assets as a payment today will continue to do so in the future.
- The volatility and unpredictability of the price of crypto assets relative to fiat currency may result in significant loss over a short period of time.
- The nature of crypto assets may lead to an increased risk of fraud or cyberattack and may mean that technological difficulties experienced by the Company may prevent access to, or use of, your crypto assets.
- Any bond or trust account we may hold for the benefit of members may not be sufficient to cover all losses incurred by members.
- The Company may not be regulated as a financial institution or equivalent in your jurisdiction.
- This Agreement does not disclose all of the risks associated with trading in crypto assets. You acknowledge and agree that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of those risks for you in light of your circumstances and financial resources. The Company does not give advice or recommendations regarding crypto assets, including the suitability and appropriateness of, and investment strategies for, crypto assets. You should be aware that you may sustain a total loss of the assets in your Account, and that under certain market conditions, you may find it difficult or impossible to liquidate a position. The Company is not giving tax advice, legal advice or other professional advice by allowing you to use the Site, the Products, or the Services. No Material on our Site, including FAQs or blogs, shall be considered tax advice, legal advice or investment advice.
- THE PLATFORM
- The Platform is an online platform that allows Members to acquire HUSD from the Company for US dollars and redeem HUSD from the Company for US dollars.
- HUSD & PAXOS
- HUSD tokens are not money or legal tender and are not monetary instruments. Once you have HUSD tokens, you can transfer them, trade them, keep them, use them to pay persons who can accept HUSD, or redeem them for US dollars from the Company, subject to the limitations below.
- HUSD tokens are fully backed by US dollars.
- HUSD tokens are issued by Stable Universal.
- Stable Universal is partnered with Paxos Trust Company LLC, a New York limited purpose trust company, of which Paxos is the custodian of assets for the funds underlying HUSD.
- The US dollars paid by Members to acquire HUSD shall be held by Paxos in deposit accounts with US banks or by US Treasury bonds. The said US dollars used to purchase HUSD are managed by Paxos in its discretion and are, directly or indirectly, deposited either in US insured depository banks or used to purchase U.S. Treasury bonds, as described below, to maintain a one-to-one ratio of HUSD to the amount of US dollar deposits or the face amount of US Treasury bonds. For example, if you purchase five HUSD with five US dollars, Paxos will hold those five US dollars in a bank account or in US Treasury bonds to support the five HUSD in circulation.
- As the custodian of the US dollars underlying HUSD, Paxos provides cash management for the US dollar deposits backing HUSD so that each HUSD is backed by an equivalent amount of US dollar deposits or US Treasury bonds. Paxos may modify its cash management program from time to time, provided that the US dollars will always be held in regulated US financial institutions or invested in either US Treasury bonds or products fully collateralized by US dollars or US Treasury bonds held in segregated accounts.
- The deposit accounts and financial institutions’ accounts mentioned above in section 4.7 are under Paxos’ name and under Paxos’ control. Under the partnership agreement between the Company and Paxos, Paxos shall hold the funds securely in line with industry best practice.
- Members shall not be entitled to receive any interest and/or other form of passive income which may be generated from the US dollars held at US depository institutions or the investment returns from investing in US Treasury Bond. Members acknowledge and agree that the aforementioned interests and/or passive income shall be paid to Paxo and Stable Universal as service fees.
- Stable Universal and Paxos shall ensure only the interests and/or other form of passive income shall be transferred out from the deposit account or the financial institution but NOT the US dollars underlying HUSD.
- HUSD is an ERC20 token on the Ethereum public blockchain. Because of this, HUSD may be compatible with existing third-party software that supports ERC20 tokens.
- Only verified Members on the Platform may purchase HUSD from the Company or redeem HUSD. We may also refuse to issue HUSD to, or redeem HUSD from a verified Member in any circumstances, including, without limitation, where we believe that the issuance or redemption of HUSD would be contrary to applicable law or would otherwise expose us to legal liability. Absent a reasonable justification not to redeem HUSD, and provided that you are a fully verified Member of the Company, your HUSD are freely redeemable, subject to the redemption minimums described herein.
- OPENING YOUR ACCOUNT
In order to use the Stable Universal’s Services and Products, you must create an Account. You will be asked to provide certain registration details and information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, tax identification number and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
We refer to the information that we collect about your identity as “Registration Data.” In connection with opening the Account, you may also be required to disclose certain third-party account information to us, including, without limitation, your bank account number, your crypto asset addresses and related information.
- At any time before or after your Account has been opened, you may be requested to provide certain other information pursuant to our compliance program, policies and applicable law, including, if necessary, information that will enable us to report your tax information to the relevant authorities. If you fail to reply promptly to any request from us, or if your responses are unsatisfactory, we may close or suspend your Account.
- You agree to provide true, accurate, current and complete responses to our information requests, and you further agree to maintain and promptly update the information you have provided us, including the Registration Data, your contact information and any responses to requests from our Compliance Department, to keep it true, accurate, current and complete at all times while you are a Member. If you provide any information that is untrue, inaccurate, not current or incomplete, or if we or any of our authorized agents have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, we have the right to suspend or terminate your Account and refuse any and all current or future use of the Stable Universal’s Services and Products, as applicable, and related Stable Universal’s Services and Products by you, as well as subject you to civil liability or refer you to the appropriate law enforcement authorities for criminal prosecution. We shall not be liable to make any compensation, monetary or otherwise, following such suspension, termination or inability to use Stable Universal’s Services and Products, as applicable, or the related Stable Universal’s Services and Products. You are responsible for any fees that the Company incurs with respect to your Account as a result of any of the foregoing.
- You hereby acknowledge that Stable Universal will pass your Registration Data to PAXOS for further verification. PAXOS will process and store your Registration Data. You hereby authorize us and PAXOS, or other third-party service provider, to take any measures considered necessary to verify and authenticate your identity, confirm the information you submit about your bank (or other financial institution) account, and to take any action deemed necessary based on the results.
- While we use reasonable efforts to protect your Registration Data from inadvertent release or misappropriation, we are not responsible for the intentional or criminal acts of third parties such as hackers or “phishers.”
- You are responsible for any and all activities conducted through your Account, notwithstanding that such activities were not authorized by you.
- In order to log into your Account, you will be required to provide your Email address and password, as well as an auto-generated verification code that is sent to your smartphone, which we refer to as “2FA”. In some cases, in our sole discretion, we may require additional verbal or electronic confirmation of a transaction prior to processing such transactions.
- You are responsible for maintaining the security and confidentiality of your Email address, password, 2FA device, as applicable. You agree to notify us immediately of any unauthorized use of your Email address, password, 2FA device or API key as well as of any other breach of security. If you choose to install and use a 2FA application on a device on which the operating system has been tampered with in any way, you do so at your own risk. 2FA applications are provided by third parties, and we do not take any responsibility for such third-party applications.
- While we may implement certain monitoring procedures designed to alert us to fraudulent activity, we are not responsible for any unauthorized use of your Account, and we will not be liable for any loss that you may incur as a result of someone accessing your Account, either with or without your knowledge. We disclaim any and all liability arising from fraudulent entry and use of the Stable Universal’s Services and Products (including, but not limited to, liabilities arising from unauthorized activity undertaken through your Account). If someone fraudulently obtains access to your Account, we will take such action as we determine to be warranted, including without limitation, terminating your access and/or membership immediately, closing the Account, and taking all necessary and appropriate actions under applicable laws.
- PLEASE NOTE THAT WE WILL NEVER ASK YOU, FOR ANY REASON, WHETHER BY EMAIL, REGULAR MAIL OR TELEPHONE, TO DISCLOSE YOUR ACCOUNT PASSWORD. PASSWORD INQUIRIES WILL ONLY BE CONDUCTED ONLINE AND ONLY AFTER YOU HAVE SIGNED ONTO THE COMPANY’S SITE. WE WILL NEVER SEND YOU EMBEDDED LINKS IN AN EMAIL REQUESTING THAT YOU SIGN ONTO THE SITE BY CLICKING SUCH A LINK. IF YOU RECEIVE AN EMBEDDED LINK BY EMAIL CLAIMING TO BE FROM US, YOU SHOULD NOT OPEN IT OR CLICK ON THE LINK. THE EMAIL IS NOT FROM US AND IS LIKELY FRAUDULENT. NEVER GIVE YOUR ACCOUNT PASSWORD TO ANYONE WHOM YOU DO NOT INTEND TO AUTHORIZE TO USE YOUR ACCOUNT.
- You may not transfer, lease, assign or sell your Account (or any use thereof) to a third party without the consent of the Company. In addition, you may not grant any person access to your Account except as expressly permitted herein.
- Your account with us (and any available assets held in such account) is not a bank account or a deposit account.
- You agree and understand that the bank accounts holding US dollars backing HUSD do not create or represent any relationship between you and any of the banks.
- Stable Universal’s Services and Products are not financial instruments.
- You may close your Account by providing written notice to us, and upon receipt of such notice, a hold will be placed on your Account to allow any then pending transactions to clear. After notifying us of your desire to close your Account, we may terminate your ability transact in your Account and only permit you to withdraw the remaining available funds associated with your Account. Closing your Account will not affect any rights and obligations incurred prior to the date of Account closure.
- All currencies appearing in the Stable Universal’s Services and Products’ ledger and attributed to you must be withdrawn or otherwise sold or transferred before the closing of your Account will be finalized.
- FUNDING YOUR ACCOUNT
After creating your Account with the Company, you will be able to fund your Account with US dollars. You also acknowledge and agree that the Company may freeze or terminate your account if you breach any provision of this agreement and/or your activities is suspicious or the Company has reason to believe that it is related to criminal activities.
- You may fund your Account with US dollars transferred from your account(s) with financial institutions. Once we receive your funds and validate that they are from a bank account owned by you, we will credit your Account with those funds. If a US dollar deposit does not originate from a bank account owned by you, it will be rejected and returned immediately.
- You represent and warrant that all funds that you transfer to us do not represent the proceeds of any criminal or fraudulent activity. You are not allowed to receive funds in your Account from a sender other than yourself. If we reasonably determine that you are not the owner of the funds in your Account, we reserve the right to dispose of those funds in accordance with applicable law and in our sole discretion, which may include returning the funds to the originator or to a charity of our choosing.
- If we are holding funds in your Account and there has been no activity in your Account for a period of time prescribed by applicable law, we may be required to report such remaining funds in your Account as unclaimed property in accordance with abandoned property and escheat laws.
- PURCHASING HUSD
- After your Account has been funded, you may begin to purchase HUSD with US dollars on a one-for-one basis, subject to the minimum conversion amount below. In order to receive HUSD, you must provide us with your Ethereum public address.
- Prior to the placement of a purchase order on our Platform, you will be required to review the following information: the amount of the purchase, the commission (if any) to be charged by the Platform, and the Ethereum address to which the HUSD will be sent.
- Once an issuance of HUSD has been executed and the appropriate assets have been credited and debited, the transaction may not be reversible.
- Once a purchase request has passed Compliance checks, it will be processed according to the conversion schedule.
- The Company may require a minimum amount for withdrawal, which may be updated from time to time.
- You may transfer the HUSD, trade them, keep them, or use them to pay persons who can accept HUSD. However, you undertake that you will not use HUSD for any activity deemed illegal in any jurisdiction. Stable Universal has the absolute discretion to freeze your account in any event that your activity is suspicious and/or related to any criminal activity.
- CANCELLED ORDERS
The Company reserves the right to cancel or nullify orders in the event that the order contains a bug, mistake, or an actual or suspected breach of this Agreement.
- CONVERSION FROM HUSD TO US DOLLARS
- In order to redeem HUSD for US dollars through the Platform, you must have an Account. Your Account will have a unique redemption address to which you can send your HUSD. Upon sending your HUSD to your redemption address, the Company will credit your Account a corresponding amount of US dollars. For example, if you send 5 HUSD to the identified redemption address, the Company will credit your Account with 5 US dollars. ALL REDEMPTIONS WILL BE ON A ONE-FOR-ONE BASIS, NOTWITHSTANDING ANY CHANGE IN THE MARKET VALUE OF HUSD.
- All HUSD will be rounded down to the nearest US cent at conversion.
- The Company will make commercially reasonable efforts to redeem your HUSD quickly.
- The HUSD may be not redeemable in any event that you breach any provisions of this Agreement or any other agreement with the Company.
- WITHDRAWING US DOLLARS
- Members may withdraw some or all of their US dollars from their Accounts at any time, upon request to us. US dollars will be transferred from the Member’s Account with the Platform to the bank account designated by, and owned by, the Member.
- Please note that any withdrawal of US dollars may be delayed as necessary to comply with applicable law and/or the Platform’s Compliance Program, including verification of customer identification and anti-money laundering procedures. Withdrawals may take up to two (2) days to complete, provided that larger withdrawals may take substantially longer to complete.
- FREEZES AND UPGRADES
As part of the ERC20 smart contract and as part of the Services, the Company has the ability and the right to freeze and upgrade all HUSD tokens (on an aggregate basis), regardless of where the HUSD is being held. The Company will make commercially reasonable efforts to provide prior notice of any freeze or upgrade and inform holders of HUSD of the reasons and consequences of the freeze and/or upgrade. The Company will make commercially reasonable efforts to use the freeze and/or upgrade feature only under limited circumstances.
- SUSPENSION AND TERMINATION OF YOUR ACCOUNT
Without limiting other remedies that may be available to us, we reserve the right, in our sole and absolute discretion, to block access to or to suspend, close or terminate your Account, refuse to let you purchase or redeem your crypto assets, and freeze all funds or assets in your Account, at any time, with or without advance notice, if:
- We believe, in our sole and absolute discretion, that you have breached any terms and conditions of this Agreement;
- You engage in abusive behavior, as determined in our sole and absolute discretion;
- We are unable to verify or authenticate any information you provide to us;
- We believe, in our sole and absolute discretion, that your actions may cause legal liability for you, other Members or us;
- You add any type of currency to your Account using any source that you do not have the legal right from which to transfer funds;
- We have reasonable suspicion that you are directly or indirectly using our Platform or Stable Universal’s Services and Products in violation of applicable law or regulation, or this Agreement;
- We are directed to do so by law enforcement, regulatory authority or court order;
- We are required to do so by applicable law or regulation;
- Your Account is subject to pending litigation, investigation or governmental proceeding;
- We believe that someone is attempting to gain unauthorized access to your Account;
- We believe there is unusual activity in your Account;
- Your Account has no funds and has not been accessed in the prior year.
In addition, we may discontinue the Stable Universal’s Services and Products at any time.
- Banking Fees
The Company may charge you fees for redeeming HUSD or withdrawing US dollars from the Platform. Your financial institution and/or the provider of your crypto-asset wallet, may also charge transaction and other fees related to the transfer of funds to your Account.
2.Right to Change Fees and Fee Structure
We reserve the right to change or modify our fee structure or increase any of our fees at any time and from time to time. Any such changes, modifications or increases will be effective upon posting such changes, modifications or increases on our Site. Your first use of your Account following the posting on the Site of any changes to the fees will constitute your acceptance of such changes. If you do not agree to the posted changes, you may close your Account as provided in this Agreement.
- GENERAL CLAUSE
- From time to time, we may revise this Agreement. We reserve the right to do so, in our sole and absolute discretion, and you agree that we have this unilateral right.
- It is your responsibility to review this Agreement on a regular basis. If you object to any such changes, your sole recourse will be to cease access to the Platform, the Products, or the Service.
- ILLEGAL OR PROHIBITED USE OF HUSD
We may freeze, temporarily or permanently, your use of, and access to, HUSD or the us dollars backing your HUSD, with or without advance notice, if we are required to do so by law, including by court order or other legal process.
Your HUSD and the us dollars backing your HUSD may be subject to seizure or forfeiture by law enforcement, and we will comply with legal process in respect thereof.
If we determine after investigation that HUSD has been used, or is being used, for illegal (or sanctioned) activity, we may not permit you to redeem your HUSD for us dollars from the Company, and, if presented for redemption, such HUSD and the us dollars backing such HUSD may be forfeited.
Any HUSD or fiat currency underlying HUSD that is subject to freeze, seizure, forfeiture or similar limitation on its use imposed by law may become wholly and permanently unrecoverable and unusable, and in appropriate circumstances, may be destroyed.
Stable Universal may take reasonable action against Members who violate its Compliance Policies, including but not limited to refusing to redeem HUSD for US dollars and freezing your Stable Universal Account.
This section applies to all holders, regardless of whether the holder is a member of the Company.
By using HUSD, you agree that we may take the actions set forth in this section and that we will not be liable to you therefore.