Cari–Stablecoin Bridge
On/off-ramp between tokenized bank deposits and stablecoins (USDC). The regulatory boundary crossing — a Cari token (bank liability, FDIC-insured) converts to a stablecoin (non-bank liability, reserve-backed). Compliance surface widens at the bridge.
Step 1 · Bridge Initiation (Cari-Side)Policy-Enforced
"A treasury team initiating an internal currency conversion before sending funds out — except the conversion is from a bank-liability instrument to a non-bank-liability instrument, which is a regulatory perimeter change rather than an FX change."
The Cari customer (corporate or, where authorized, retail) initiates a bridge from the originating bank's commercial portal or Cari surface. Identity is inherited from the issuing bank's CIP file.
The originating bank's BSA/AML pipeline runs the standard outbound screening; the bridge intent is flagged with an additional disclosure surface explaining the perimeter change. The customer is acknowledging that funds will exit FDIC-insured-deposit status on the bridge — operationally important because depositor-protection assumptions cease to apply post-bridge.
L4 ACCOUNT (customer wallet eligibility + bridge authorization) and L5 APPLICATION (bank commercial portal + bank BSA/AML + disclosure surface) lit, policy-enforced. Side: Cari permissioned regime.
Step 2 · Bank Authorization (Bridge Approval)Mixed EnforcementINGESTDETECTALERT
"A wire-room officer authorizing a high-value outbound wire to a non-bank counterparty — heightened screening because the funds leave the bank-deposit perimeter."
The originating bank applies heightened scrutiny to bridge transactions because they remove deposits from the bank's liability ledger. Authorization workflow includes outbound sanctions screen, structuring detection (bridge transactions are themselves a velocity signal), and dual-control review for amounts above per-customer bridge thresholds.
The Cari bridge contract on Prividium gates the on-chain leg via the bank's signature requirement and the stablecoin-bridge allowlist (the destination address must be a recognized Circle USDC mint endpoint or a customer-controlled wallet on a supported chain — VERIFY exact policy).
L3 EXECUTION (bridge contract gates) and L5 APPLICATION (bank wire-room) lit. Mixed enforcement: bank-side workflow is policy-enforced, on-chain gates are code-enforced. C9 (prudential) attaches because the bridge changes the bank's deposit-liability profile.
Step 3 · Cari Burn — Deposit Liability ExtinguishedCode-Enforced
"A wire-out posting against a customer DDA — the deposit liability on the bank's balance sheet decreases by the wire amount and the customer's available balance decreases symmetrically."
The Cari bridge contract burns the customer's Prividium tokens. The originating bank's GL posts a debit against the customer's DDA — the deposit liability extinguishes by the burn amount.
The burn is the structural moment when the funds leave the FDIC-insured-deposit perimeter. Up to this step, the asset is a tokenized bank deposit; after this step, the asset (in transit through CCTP) is no longer a bank liability — it is in the process of being re-issued as a Circle stablecoin liability.
L3 EXECUTION (burn contract) + L4 ACCOUNT (wallet token debit + bank-side DDA debit) lit, code-enforced. The on-chain transaction hash is the canonical record of the Cari-side termination of the deposit liability.
Step 4 · CCTP Bridge — Cross-Chain AttestationCode-Enforced
"A SWIFT MT202 cover message that carries settlement instructions across correspondent banks — except cryptographically attested and minutes rather than hours."
The Circle Cross-Chain Transfer Protocol (CCTP) publishes a burn attestation from Prividium (the source chain) and routes it to the destination chain (Ethereum or Base). Circle's attestation service signs the message; the destination-chain CCTP receiver contract validates the signature and authorizes the equivalent USDC mint.
CCTP is the canonical Circle-operated bridge primitive. Latency is typically 10–15 minutes from source-chain burn to destination-chain mint, dominated by Circle attestation-signing time and destination-chain confirmation.
L1 NETWORK · L2 CONSENSUS · L3 EXECUTION lit on the destination chain, code-enforced. The CCTP attestation is the technical bridge primitive; the regime change at C6 is the legal-perimeter primitive — both happen in this transit window.
Step 5 · USDC Mint — Stablecoin Liability CreatedCode-Enforced
"A money-market fund issuing new shares against incoming subscription cash — except the issuance is on a public chain and the asset is a fully-fungible stablecoin under §13's stablecoin-issuer framework."
The destination-chain USDC contract mints the equivalent token amount to the customer's destination wallet. The mint creates a new stablecoin liability on Circle's balance sheet — Circle is the sole USDC issuer; the GENIUS Act §4 reserve-backing obligation attaches at this step.
The asset is now squarely inside the GENIUS Act stablecoin perimeter: §4(b) monthly attestation, §4(c) recordkeeping, §6 BSA/AML at the Circle issuer level, §8 sanctioned-counterparty screening. The customer's compliance posture has shifted: pre-bridge, the asset was an FDIC-insured bank deposit; post-bridge, it is a Circle reserve-backed stablecoin.
L3 EXECUTION (USDC mint contract) + L4 ACCOUNT (destination wallet credit · new stablecoin liability) lit, code-enforced. C4 (reserve backing), C9 (prudential), and C13 (market integrity) all attach at the mint step.
Step 6 · Post-Bridge Custody (Customer Stablecoin Wallet)Policy-Enforced
"A treasury balance held in a money-market fund — programmable, transferable, but no longer the same instrument as the source bank deposit."
The customer holds USDC in a destination-chain wallet (self-hosted MetaMask · institutional custodian like Coinbase Custody / Anchorage / Fireblocks — VERIFY per customer). The asset is now usable across the public stablecoin universe: DeFi protocols, on-chain settlement, x402 payments, other stablecoin transfer rails.
The compliance perimeter for ongoing transfers is GENIUS Act + the destination-chain's BSA/AML expectations. C7 (Travel Rule) attaches to subsequent transfers above the FinCEN threshold; C11 (recordkeeping) is satisfied by the on-chain transaction hash trail.
L4 ACCOUNT (customer wallet) + L5 APPLICATION (custodian or DeFi protocol context) lit, policy-enforced. The reverse path (USDC back to Cari deposit token) is symmetric: customer initiates burn on destination chain, CCTP attestation, Cari mint on Prividium, deposit liability re-created at originating bank. Reverse path is structurally identical and operationally available; this template documents the deposit-to-stablecoin direction as the canonical case.
Resolved 6 steps across 2 chain(s). 0 threshold(s) triggered. Frameworks: Common Reporting Standard / FATCA.
Coverage notes: 5 disclosed gap(s).
STP Stage Comparison — Deposit vs Stablecoin
Two-lane horizontal flow chart showing how each of the 8 STP stages differs between a tokenized-deposit path and a stablecoin path — where the regime crossing changes the compliance posture stage by stage.