Account Disclosures
Last updated: [DATE — LAUNCH_TODO]
SmashPay is not a bank
SmashPay Inc. is a financial technology company and FinCEN-registered Money Services Business. It is not a bank, does not accept deposits in the legal sense, and is not supervised by a banking regulator. 'Bank', 'banking', 'deposit account', and 'savings account' are not terms that apply to SmashPay accounts.
Balances are not FDIC-insured
SmashPay stablecoin account balances are not insured by the Federal Deposit Insurance Corporation (FDIC) or any equivalent deposit guarantee scheme. They are not bank deposits.
How your USD value is held
USD value is held 1:1 as fully-reserved stablecoin (USDC) in institutional-grade custody via BitGo Bank & Trust N.A. Reserves are not loaned, rehypothecated, or used for investment. Monthly third-party reserve attestations are published.
Conversion costs
Converting between USD and local currency carries an all-in cost of 0.75–1.50%. This includes all fees, spreads, and charges. No additional hidden fees apply to conversion.
Pre-launch status
SmashPay has not yet launched. Joining the waitlist does not constitute opening an account or entering a financial relationship. No funds are accepted during the pre-launch waitlist phase.
Regulatory status
SmashPay Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business. Licensing status in individual states and jurisdictions: [LAUNCH_TODO: Add state-by-state and jurisdiction-by-jurisdiction licensing status from counsel].