USD/Fiat Protocol

[mgravitt]

Our design for integrating Banking Services with Hashed Network is below:

• There will be a Hashed:Banking Services Integration Layer (BSIL) that includes listeners and oracles on both Banking Services and Hashed Network. Banking Services integration is via traditional REST APIs.
• There will be a general purpose UI for transacting, viewing, and approving reconciliation of any discrepancies.
• hUSD, a peg/mirror token will be created that represents 1:1 mapping to USD within a Banking Services account.
• Hashed Network accounts will configure their Banking Services account number (hashed) on a pallet or profile (additional fields map), along with any other required on-boarding steps.
• Hashed:Banking Services Integration Layer will mark the account on Hashed Network as a valid Banking Services account after verification.
• When activated, the account will be minted hUSD for the quantity of USD on Banking Services.
• Users may send hUSD to other accounts on Hashed Network that have been authorized by BSIL.
• BSIL regularly polls both Hashed Network and Signet to detect discrepancies, and alerts accounts to approve/reconcile them on chain.

Other resources:
https://docs.google.com/document/d/1Roa1Fx0GPzvnXJgdUfazB5Nfvtz2o-r-CDlg7kAdH4Y/edit?usp=sharing

Here is a similar concept/implementation as reference (although Europe-centric rather than US):
https://github.com/element36-io/Open-Grants-Program/blob/master/applications/FIAT-on-off-ramp.md

There should of course be an hUSD wallet experience as part of the protocol.