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Bridge Building Inc Stablecoin Terms
These Bridge Stablecoin Terms apply to all stablecoins (“Bridge Stablecoins”) issued by Bridge Building Inc (“BBI”).
To purchase Bridge Stablecoins from or redeem Bridge Stablecoins with BBI or its affiliates (together, “Bridge,” “we,” or “us”), you must be a User under applicable User Terms found at https://bridge.xyz/legal.
01
About Bridge Stablecoins
Bridge Stablecoins are digital tokens intended for use as a means of payment and store of value. Bridge Stablecoins are recorded on certain Blockchains that BBI may support from time to time (“Supported Blockchains”). Each Bridge Stablecoin can be redeemed for one U.S. dollar with BBI or its affiliates, subject to conditions and limitations in the applicable User Terms. Bridge Stablecoins are regulated as a form of stored value under applicable law, or their statutory equivalent. Bridge Stablecoins are not designed to increase in value, generate returns, or otherwise create profit or gain for you. Bridge Stablecoins are subject to certain risks disclosed in Exhibits B and C of the User Terms and Section 5 below.
02
Bridge Stablecoin Reserve
BBI maintains a reserve of high-quality, liquid assets (the “Reserve”) having an aggregate market value expressed in U.S. dollars, as of 5:00 pm New York time on each day the Federal Reserve Bank of New York is open (a “Business Day”), at least equal to the number of then outstanding Bridge Stablecoins multiplied by one U.S. dollar. The purpose of the Reserve is to back the Bridge Stablecoins by providing U.S. dollars to satisfy Bridge Stablecoin redemptions. Subject to applicable regulatory requirements and limitations, BBI maintains the Reserve in accounts and digital asset wallets that are segregated from BBI’s other assets, at depository institutions, securities custodians and securely held digital asset wallets, as applicable, in one or more of the following asset classes: (a) U.S. Treasury bills three months or less from their respective maturities; (b) reverse repurchase agreements fully collateralized by U.S. Treasury bills, notes, and/or bonds on an overnight basis; (c) U.S. government money-market funds; (d) deposit accounts; (e) tokenized versions of the assets set forth herein; and (f) tokenized assets that are themselves backed by assets described in 2(a) - (e) that may be used for ledgering and/or infrastructure purposes. Bridge Stablecoins do not convey to you any direct or indirect property interest in or right to withdraw any assets held in the Reserve. BBI is entitled to all net returns earned on assets held in the Reserve to the extent not required to maintain the Reserve at the minimum value specified in this Section 2.
03
Bridge Stablecoin Redemption Rights
Notwithstanding Section 6.1 of the applicable User Terms, when you place an Order to sell or redeem Bridge Stablecoins with us, we will process your sale/redemption Order within two (2) Business Days following our determination that your Order complies with the applicable User Terms, unless prevented or delayed due to factors outside our reasonable control.
04
Suspension of Bridge Stablecoins
We may immediately reject Bridge Stablecoin transactions or otherwise suspend or deny your access to, or our support for, Bridge Stablecoins, with or without prior notice if: (a) we suspect you have violated these terms, applicable Bridge internal policies or applicable law; (b) we are required to do so by applicable law, pursuant to a court order, or by any valid order we receive from law enforcement officials; (c) our ongoing provisioning of Bridge Stablecoin support may cause Bridge to violate applicable law; (d) we have experienced a security incident; (e) your use of Bridge Stablecoins may result in a material financial or reputational risk to Bridge; (f) you transfer or attempt to transfer Bridge Stablecoins outside of BBI-approved Cryptocurrency Wallets; or (g) these terms are terminated.
05
Bridge Stablecoin Risk Disclosures and Acknowledgements
5.1. Supported Blockchains.
5.1.1. We do not operate, own, or control Supported Blockchains. By their nature, blockchains use open-source software that anyone can use, copy, modify, and distribute. We are not responsible for the operation of Supported Blockchains, and we do not guarantee the functionality, security, settlement time, or availability of Supported Blockchains.
5.1.2. You acknowledge and agree that (a) a Blockchain is not a Supported Blockchain for Bridge Stablecoins unless it is explicitly named as a Supported Blockchain by Bridge and notified to you; (b) Bridge will not support additional features or protocols associated with a given Supported Blockchain (e.g., staking, forked protocols, or smart contracts) unless explicitly stated by Bridge as being supported; and (c) Bridge may, in its sole discretion, at any time choose to support (or cease support for) a Supported Blockchain. Upon Bridge’s request, you shall take any and all actions reasonably necessary to effectuate the discontinuation of a Supported Blockchain, including migration of your Bridge Stablecoins to another Supported Blockchain. Bridge will not be responsible for any damages, losses, costs, fines, penalties, expenses, whether or not reasonably foreseeable by the parties, which you may suffer, sustain, or incur, arising out of or relating to your failure to effectuate such migration of Bridge Stablecoins to another Supported Blockchain.
5.2. Forks. In the event of a fork of one of the Supported Blockchains, we may be forced to suspend all activities relating to Bridge Stablecoins (minting, redeeming, or sending and receiving Bridge Stablecoins) for an extended period of time until Bridge has determined in its sole discretion that such functionality can be supported or restored. During this period, all User activities involving Bridge Stablecoins will be restricted or limited. You agree that support of a fork in any Supported Blockchain is entirely at our discretion and that Bridge may decide not to support a fork. In the event that we do support a fork, it may not be possible to provide support at the timing of the actual Supported Blockchain change. We do not accept any responsibility or liability in the event of technical issues following a fork.
5.3. Copies and Wrappers. In the event a party unaffiliated with us creates an alternative, equivalent version of Bridge Stablecoins either on one of the Supported Blockchains or on an unsupported Blockchain (a “copy”) that operates independently from Bridge Stablecoins or creates an asset and purports that such asset is collateralized by or otherwise incorporates Bridge Stablecoins into its design (a “wrapper”), we are under no obligation to support any such copies or wrappers of Bridge Stablecoins and assumes no responsibility for any value that might be lost as a result of this lack of support of copies or wrappers of Bridge Stablecoins.
5.4. Freezing and Burning of Bridge Stablecoins.
5.4.1. Bridge may freeze Bridge Stablecoins by blacklisting a particular digital address rendering the associated cryptocurrency wallet, which may be your Cryptocurrency Wallet, restricted from transmitting or receiving Bridge Stablecoins at its sole discretion if required to do so by applicable law or Bridge’s internal compliance policies. You agree that Bridge may blacklist digital addresses holding Bridge Stablecoins, with or without advance notice.
5.4.2. Bridge Stablecoins or the Reserve assets backing Bridge Stablecoins may be subject to seizure or forfeiture by regulators, judicial bodies, law enforcement agencies, or other legal entities. In connection with Bridge Stablecoins and the Reserve assets backing Bridge Stablecoins, Bridge intends to cooperate with legal process and law enforcement requests and you expressly agree that Bridge may do so. You understand and agree that Bridge may blacklist cryptocurrency wallets holding Bridge Stablecoins and that you may lose the entirety of their Bridge Stablecoins.
5.4.3. Bridge may burn (i.e., destroy) Bridge Stablecoins held in a particular cryptocurrency wallet and to mint new Bridge Stablecoins into a different cryptocurrency wallet at its sole discretion if required to do so by applicable law or Bridge’s internal compliance policies. If Bridge Stablecoins are burned, Bridge has no obligation to mint new Bridge Stablecoins and you may lose the entirety of your Bridge Stablecoins.
5.4.4. By using and holding Bridge Stablecoins, you agree that Bridge may take the actions set forth above and BRIDGE IS NOT BE LIABLE TO USER FOR ANY LOSSES OR DAMAGES RESULTING FROM SUCH FREEZING OR BURNING.
5.4.5. If you become aware of improper conduct involving Bridge Stablecoins, you are responsible for immediately contacting Bridge by telephone at (888-523-6133) or by email at support@bridge.xyz, as well as appropriate law enforcement authority to work towards filing an appropriate report. Bridge shall make reasonable effort to cooperate with law enforcement inquiries and assist with investigations pertaining to Bridge Stablecoins.
5.5. Legislative and Regulatory Changes. The legal and regulatory status of Bridge Stablecoins and blockchain technology is unclear or unsettled in many jurisdictions. We are not responsible for determining whether and which laws may apply to Bridge Stablecoin transactions, including tax laws. We are also not responsible for predicting how or whether regulatory agencies may apply existing regulation with respect to Bridge Stablecoins, blockchain technology and its applications. Accordingly, we are not responsible for determining whether a Bridge Stablecoin transfer, or possession of Bridge Stablecoins, would be recognized under applicable law by a court or regulator at the U.S. state, U.S. federal, or international level. Legislative and regulatory actions at the federal, state and international level may also impact the value, functionality, nature, use, transfer and/or redemption of Bridge Stablecoins, and the ability of Bridge to offer Bridge Stablecoins in certain jurisdictions.
5.6. No Deposit Insurance; Not Legal Tender. Bridge Stablecoins are not subject to deposit insurance protection, including, but not limited to, the Federal Deposit Insurance Corporation insurance or Securities Investor Protection Corporation protections. Bridge Stablecoins are not coin or currency issued by the United States and are not legal tender.
5.7. Affiliate Activities. You acknowledge and agree that individuals or entities affiliated with Bridge may issue, hold, purchase, sell, or otherwise engage in transactions using or involving Bridge Stablecoins. You further acknowledge and agree that such individuals or entities may engage in this activity for any reason, including but not limited to engaging in commercial transactions, promoting transaction activity that utilizes Bridge Stablecoins, or otherwise supporting the use or adoption of Bridge Stablecoins. This activity may involve issuing and selling Bridge Stablecoins to other entities for provision to their Users. You understand and agree that no individual or entity, whether affiliated with Bridge or otherwise, is under any obligation to engage in these activities, and they may be discontinued at any time.
5.8. Third Party Platforms Generally. We are not responsible for any losses or other issues you might encounter using Bridge Stablecoins on unaffiliated third-party platforms. Where Bridge Stablecoins may be compatible with software or other technology provided by a third party, we do not guarantee the security or functionality of any third-party software or technology and are not responsible for any losses of Bridge Stablecoins due to the failure of third party software or technology.
5.9. No Guarantee of Price Stability on Third Party Platforms. We do not guarantee that the value of one Bridge Stablecoin will always equal 1 U.S. dollar ($1) if acquired from or sold to a third party. Due to a variety of factors outside of our control, the value of one Bridge Stablecoin on third-party platforms such as cryptocurrency exchange platforms could fluctuate above or below 1 U.S. dollar ($1). Although you can always redeem one Bridge Stablecoin for 1 U.S. dollar ($1) with us, less Fees, as applicable, we cannot control how third parties quote or value Bridge Stablecoins, and we are not responsible for any losses or other issues that may result from fluctuations in the value of Bridge Stablecoins.
5.10. Encumbrances. Depending on the actions of the owners of Bridge Stablecoin addresses before your receipt of Bridge Stablecoins from another Bridge Stablecoin address, it is possible that the transfer of Bridge Stablecoins between Bridge Stablecoin addresses could result in your account becoming subject to a lien or other form of security interest before redemption.
5.11. Conditions on Redemption. Sending Bridge Stablecoins to another cryptocurrency wallet automatically transfers and assigns to that holder, and any subsequent holder, the right to redeem Bridge Stablecoins for an equivalent amount of U.S. dollars from Bridge so long as the holder of such Bridge Stablecoins is eligible to, and does, become a User.
