Deposit states
- SUBMITTED — sent to check-processing partner
- PROCESSING — awaiting clearance / hold window
- CLEARED — USD settled
- CONVERTING — USD → USDC → destination asset
- WITHDRAWAL_PENDING — on-chain send awaiting confirmation
- COMPLETED — funds delivered
- RETURNED / FAILED — no crypto released (if pre-payout)
Why we wait
Instant SOL against an uncleared check creates platform loss risk on NSF, stop payment, altered, or duplicate returns. Blockchain payouts are not reversible from self-custody wallets.
Conversion path
CHECK → USD → USDC → (optional) SOL. USDC is the internal settlement asset so both USDC and SOL destinations share the same banking layer.
UX copy
Prefer “$1,000 deposited · Processing · Crypto available after check clearance” over “$1,000 accepted · SOL instantly available.”