> ## Documentation Index
> Fetch the complete documentation index at: https://docs.windrose.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Wrapped currencies

> Onchain currency tokens that anyone can hold, use, and redeem.

A Windrose currency is an ERC-20 that tracks a real-world currency. It is minted from the chain's dollar at the oracle rate and redeemed back into dollars through its vault.

That makes each currency a normal onchain asset: you can hold it in a wallet, send it, use it to launch or trade tokens, and redeem it when you are done.

## Currency types

| Type             | What you receive                           | How it is backed                        |
| ---------------- | ------------------------------------------ | --------------------------------------- |
| Real stablecoin  | A stablecoin issued on the chain           | The issuer's reserves                   |
| Wrapped currency | A Windrose ERC-20 such as `wINR` or `wJPY` | Dollars in its vault plus backer equity |
| Display currency | No token                                   | Used only to show prices in the app     |

The launch currency is fixed forever. A token launched in `wINR` remains quoted in `wINR` through the curve and its Uniswap pool.

## Mint and redeem

Mint by sending the chain's dollar to the currency vault. The vault applies the oracle rate, subtracts the mint fee, and sends you the wrapped currency. Redeem by burning the wrapped currency; the vault pays dollars at the current rate, less the redeem fee.

Fresh rates use a 0.3% fee. A stale rate uses a 1% fee. Redemption remains available if a vault is undercollateralized, but the payout is reduced proportionally so one holder cannot drain the vault before others.

## Using a currency

You can pay for a launch with the wrapped currency or with the chain's dollar. When you pay with dollars, the router mints the required currency in the same transaction. You do not need to mint it first.

The app can display prices in any supported ISO currency. Display currency changes the number you see; it never changes what you pay or receive.