# USDW

USDW (USD Wrapped) is the collateral token that powers every trade on HermesTrade. It is backed 1:1 by USDC on Monad — wrapping and unwrapping happen automatically when you deposit or withdraw, so you interact with USDC and HermesTrade handles USDW internally.

***

## Token details

| Parameter        | Value                                        |
| ---------------- | -------------------------------------------- |
| Name             | USD Wrapped                                  |
| Symbol           | USDW                                         |
| Standard         | ERC-20                                       |
| Network          | Monad                                        |
| Decimals         | 6                                            |
| Contract address | `0xb7bD080Df56FA76ce6CA4fA737d47815f7F8e746` |

***

## How USDW is used in trading

Every action on HermesTrade involves USDW:

* **Buying shares:** USDW is spent to purchase YES or NO outcome shares. Buying 100 YES shares at $0.65 costs 65 USDW.
* **Selling shares:** USDW is received when you sell outcome shares back to the order book.
* **Resolution payout:** When a market resolves, each winning share redeems for exactly 1 USDW. Losing shares expire worthless.
* **Account balance:** Your available balance (visible via `GET /balance-allowance` on the CLOB API) is denominated in USDW.

{% hint style="info" %}
Order prices in the CLOB API are expressed in USDW per share (e.g., `price: 0.65` means 0.65 USDW per share). A price of 0.65 also implies a 65% market probability for that outcome.
{% endhint %}

***

## Deposit and withdrawal

USDC and USDW are exchanged at 1:1. The wrap and unwrap steps happen automatically — you never need to handle USDW directly outside the platform.

{% tabs %}
{% tab title="Deposit (USDC → USDW)" %}

1. Send USDC to HermesTrade via the app's deposit flow.
2. HermesTrade automatically wraps your USDC into USDW on-chain.
3. Your trading balance is credited in USDW, ready to place orders.
   {% endtab %}

{% tab title="Withdraw (USDW → USDC)" %}

1. Initiate a withdrawal from the app.
2. HermesTrade automatically unwraps USDW back into USDC.
3. USDC is sent to your wallet address.
   {% endtab %}
   {% endtabs %}

The wrap and unwrap are enforced on-chain — there is no algorithmic peg or fractional reserve. Each USDW in circulation is backed by exactly one USDC held in the contract.

{% hint style="warning" %}
USDW is designed exclusively for use within HermesTrade. It is not listed on external exchanges and is not intended to circulate outside the platform.
{% endhint %}

***

## USDW in smart contracts

USDW interacts with two core HermesTrade contracts:

* **CLOB Exchange contract** — receives USDW when orders are matched (buys) and releases USDW when orders are filled (sells).
* **Conditional Token Framework (CTF) contract** — locks USDW to mint outcome share pairs (YES + NO) at order match time; releases USDW back when shares are merged or resolved.

Contract addresses for the CLOB Exchange and CTF are available at runtime from `GET /public-info` on the Gamma API.

{% content-ref url="/pages/aXtJFJyGkTQCTx7wm2HM" %}
[Network and Contracts](/reference/network-contracts.md)
{% endcontent-ref %}


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