About the App¶

RPay is designed to help people living in hyperinflationary economies protect their savings from devaluation and recover the freedom to use their money however they want. The app provides access to a US dollar balance. This balance is backed by Reserve Dollars [RSV] that we hold. Reserve Dollars are in turn backed by 50% BUSD and 50% USDC held in a smart contract. Ultimately, Paxos and Circle back all USDC and BUSD with USD and US treasury bonds.

RPay allows people to save, spend, and receive money in stable currency, without the need for a foreign bank account. The app facilitates conversion of local currency into US dollars, and supports deposits and withdrawals to and from several other channels, so users can move money freely between their local banks and the most popular online payment platforms and cryptocurrencies.

These transactions are carried out by Independent Liquidity Providers (ILPs): third-party entities verified and authorized by the RPay team to perform this function.

What are Independent Liquidity Providers?¶

RPay automatically assigns deposit and withdrawal requests to an Independent Liquidity Provider (ILP). ILPs set the exchange rates and commissions for each transaction. In the rare case of a dispute between the parties, the RPay team analyzes the transaction and assists the ILP and app user in finding a solution.

When users deposit funds in RPay, they do so by directly sending money to the ILP, via a bank transfer or from another platform. Once the transaction is confirmed, the ILP credits the US dollar balance to the user within RPay.

When a user wants to withdraw funds, the reverse occurs. The user gives a certain amount of their RPay balance to an ILP, in exchange for a deposit into the selected payment platform, such as a bank.

Countries we operate in have multiple active ILPs. The RPay team studies the financial transaction system in each country before establishing ties with these ILPs in order to ensure all operations are legitimate.

The accounts to which funds are deposited may change with every transaction. The user should carefully verify the details for the assigned account for the transaction, because they correspond to a specific Independent Liquidity Provider (ILP) that is available to complete the transaction.