US 12,254,515 B1
Smart contract network to enable real-time swapping of digital assets using minting on-demand
Rachel Mayer, Boston, MA (US); Adrian Soghoian, Boston, MA (US); Erik Tierney, Boston, MA (US); and Kaili Wang, Boston, MA (US)
Assigned to CIRCLE INTERNET FINANCIAL, LTD., Dublin (IE)
Filed by CIRCLE INTERNET FINANCIAL, LTD., Dublin (IE)
Filed on Sep. 19, 2024, as Appl. No. 18/890,044.
Claims priority of provisional application 63/539,379, filed on Sep. 20, 2023.
Int. Cl. G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) 14 Claims
OG exemplary drawing
 
1. A computer-implemented method for real-time redemption of a first digital asset for a second digital asset, the computer-implemented method being executed by one or more processors and comprising:
receiving, by a first smart contract and from a first account, a redemption request for a swap transaction to redeem an amount of the first digital asset for an amount of the second digital asset;
responsive to the redemption request:
determining that the redemption request is valid and the first account is allowed to initiate swap transactions,
automatically initiating, by the first smart contract, a transfer of a first number of tokens of the first digital asset from the first account to the second account, and
notifying, by the first smart contract, a second smart contract; and
in response to notification by the first smart contract, automatically initiating, by the second smart contract, minting of the second number of tokens of the second digital asset and transferring of the second number of tokens of the second digital asset to the first account.