How to Pay Contributions with Stable Coins

Stable coins offer a modern, borderless way to pay your tontine contributions. This guide will help you understand how to use stable coins like USDT and USDC for your group payments.

What Are Stable Coins?

Stable coins are digital currencies designed to maintain a stable value, typically pegged to traditional fiat currencies like the US Dollar. They combine the benefits of cryptocurrency (fast, global, digital) with price stability.

Supported Stable Coins

Tontiin currently supports the following stable coins:

• USDT (Tether) - The most widely used stable coin
• USDC (USD Coin) - A regulated, transparent stable coin

Prerequisites

Before making a payment with stable coins, you need:

• An active Tontiin account
• A cryptocurrency wallet that supports stable coins (like MetaMask, Trust Wallet, or Coinbase Wallet)
• Sufficient stable coins in your wallet
• The wallet address where you'll send the payment

Step-by-Step Instructions

Step 1: Navigate to Your Meeting

Log in to your Tontiin account and go to your tontine group. Find the upcoming meeting where you need to make your contribution.

Step 2: Select Stable Coins Payment

Click on "Pay Contribution" or "Make Payment" for the meeting. From the payment method options, select Stable Coins or Crypto Coins.

Step 3: Choose Your Stable Coin

Select which stable coin you want to use (USDT or USDC). Make sure you have enough of that specific coin in your wallet.

Step 4: Enter Payment Amount

Enter the contribution amount. The system will display:

• The amount in your local currency
• The equivalent amount in the selected stable coin
• Any applicable transaction fees
• The total amount you need to send

Step 5: Get Payment Address

After confirming the amount, Tontiin will generate a unique payment address (wallet address) for this transaction. This address is specific to your payment and will expire after a certain time period.

Step 6: Send Payment from Your Wallet

Open your cryptocurrency wallet and:

1. Select "Send" or "Transfer"
2. Choose the stable coin you're using (USDT or USDC)
3. Paste the payment address from Tontiin
4. Enter the exact amount shown in Tontiin
5. Review all details carefully
6. Confirm and send the transaction

Step 7: Wait for Confirmation

After sending, wait for blockchain confirmation. This usually takes a few minutes, but can take longer during network congestion. Tontiin will automatically detect your payment once it's confirmed on the blockchain.

Step 8: Payment Recorded

Once confirmed, your contribution will be automatically recorded in your tontine group. You'll receive a confirmation notification.

Transaction Fees

When using stable coins, you may encounter two types of fees:

• Network fees: Paid to the blockchain network (usually minimal for stable coins)
• Platform fees: Tontiin's service fee (if applicable)

All fees are clearly displayed before you confirm the payment.

Benefits of Using Stable Coins

• Global: Send payments from anywhere in the world
• Fast: Transactions typically confirm within minutes
• Low fees: Often lower than traditional payment methods
• No borders: No currency conversion delays
• Transparent: All transactions are recorded on the blockchain

Troubleshooting

Security Tips

• Always verify the payment address before sending
• Use a reputable cryptocurrency wallet
• Keep your wallet's private keys secure
• Double-check all transaction details
• Start with a small test payment if you're new to crypto

Need Help?

If you need assistance with stable coin payments, our support team is here to help. You can also check our FAQ section for more information.