SwiftRemit

Production-ready Soroban smart contract for USDC remittance platform on Stellar blockchain.

Overview

SwiftRemit is an escrow-based remittance system that enables secure cross-border money transfers using USDC stablecoin. The platform connects senders with registered agents who handle fiat payouts, with the smart contract managing escrow, fee collection, and settlement.

Features

• Escrow-Based Transfers: Secure USDC deposits held in contract until payout confirmation
• Agent Network: Registered agents handle fiat distribution off-chain
• Automated Fee Collection: Platform fees calculated and accumulated automatically
• Lifecycle State Management: Remittances tracked through 5 states (Pending, Processing, Completed, Cancelled, Failed) with enforced transitions
• Authorization Security: Role-based access control for all operations
• Event Emission: Comprehensive event logging for off-chain monitoring
• Cancellation Support: Senders can cancel pending remittances with full refund
• Admin Controls: Platform fee management and fee withdrawal capabilities

Architecture

Core Components

• lib.rs: Main contract implementation with all public functions
• types.rs: Data structures (Remittance, RemittanceStatus)
• transitions.rs: State transition validation and enforcement
• storage.rs: Persistent and instance storage management
• errors.rs: Custom error types for contract operations
• events.rs: Event emission functions for monitoring
• test.rs: Comprehensive test suite with 15+ test cases
• test_transitions.rs: Lifecycle transition tests

Storage Model

• Instance Storage: Admin, USDC token, fee configuration, counters, accumulated fees
• Persistent Storage: Individual remittances, agent registrations

Fee Calculation

Fees are calculated in basis points (bps):

• 250 bps = 2.5%
• 500 bps = 5.0%
• Formula: fee = amount * fee_bps / 10000

Contract Functions

Administrative Functions

• initialize(admin, usdc_token, fee_bps) - One-time contract initialization
• register_agent(agent) - Add agent to approved list (admin only)
• remove_agent(agent) - Remove agent from approved list (admin only)
• update_fee(fee_bps) - Update platform fee percentage (admin only)
• withdraw_fees(to) - Withdraw accumulated platform fees (admin only)
• withdraw_integrator_fees(integrator, to) - Withdraw accumulated integrator fees (integrator auth required)

User Functions

• create_remittance(sender, agent, amount) - Create new remittance (sender auth required)
• start_processing(remittance_id) - Mark remittance as being processed (agent auth required)
• confirm_payout(remittance_id) - Confirm fiat payout (agent auth required)
• mark_failed(remittance_id) - Mark payout as failed with refund (agent auth required)
• cancel_remittance(remittance_id) - Cancel pending remittance (sender auth required)

Query Functions

• get_remittance(remittance_id) - Retrieve remittance details
• get_accumulated_fees() - Check total platform fees collected
• is_agent_registered(agent) - Verify agent registration status
• get_platform_fee_bps() - Get current fee percentage

Security Features

1. Authorization Checks: All state-changing operations require proper authorization
2. Status Validation: Prevents double confirmation and invalid state transitions
3. Overflow Protection: Safe math operations with overflow checks
4. Agent Verification: Only registered agents can receive payouts
5. Ownership Validation: Senders can only cancel their own remittances

Testing

The contract includes comprehensive tests covering:

• ✅ Initialization and configuration
• ✅ Agent registration and removal
• ✅ Fee updates and validation
• ✅ Remittance creation with proper token transfers
• ✅ Payout confirmation and fee accumulation
• ✅ Cancellation logic and refunds
• ✅ Fee withdrawal by admin
• ✅ Authorization enforcement
• ✅ Error conditions (invalid amounts, unauthorized access, double confirmation)
• ✅ Event emission verification
• ✅ Multiple remittances handling
• ✅ Fee calculation accuracy

Run tests with:

cargo test

Quick Start

Automated Deployment (Recommended)

Run the deployment script to build, deploy, and initialize everything automatically:

Linux/macOS:

chmod +x deploy.sh
./deploy.sh
# To deploy to a specific network (default: testnet):
./deploy.sh mainnet

Windows (PowerShell):

.\deploy.ps1
# To deploy to a specific network (default: testnet):
.\deploy.ps1 -Network mainnet

This will:

• Build and optimize the contract
• Create/fund a deployer identity
• Deploy the contract and a mock USDC token
• Initialize the contract
• Save contract IDs to .env.local

Manual Setup

If you prefer to run steps manually:

1. Build the Contract

cd SwiftRemit
cargo build --target wasm32-unknown-unknown --release
soroban contract optimize --wasm target/wasm32-unknown-unknown/release/swiftremit.wasm

2. Deploy to Testnet

soroban contract deploy \
  --wasm target/wasm32-unknown-unknown/release/swiftremit.optimized.wasm \
  --source deployer \
  --network testnet

3. Initialize

soroban contract invoke \
  --id <CONTRACT_ID> \
  --source deployer \
  --network testnet \
  -- \
  initialize \
  --admin <ADMIN_ADDRESS> \
  --usdc_token <USDC_TOKEN_ADDRESS> \
  --fee_bps 250

See DEPLOYMENT.md for complete deployment instructions.

For production readiness assessment, see PRODUCTION_READINESS_REPORT.md.

Configuration

SwiftRemit uses environment variables for configuration. This allows you to easily configure the system for different environments (local development, testnet, mainnet) without modifying code.

Quick Setup

1. Copy the example environment file:

   cp .env.example .env

2. Edit .env and fill in your configuration:

   # Required for client operations
   SWIFTREMIT_CONTRACT_ID=your_contract_id_here
   USDC_TOKEN_ID=your_usdc_token_id_here
   
   # Optional: customize other settings
   NETWORK=testnet
   DEFAULT_FEE_BPS=250

3. Your configuration is automatically loaded when running client code or deployment scripts

Configuration Files

• .env: Your local environment configuration (gitignored, never commit this)
• .env.example: Template with all available configuration options
• examples/config.js: JavaScript configuration module that loads and validates environment variables

Key Configuration Variables

• NETWORK: Network to connect to (testnet or mainnet)
• RPC_URL: Soroban RPC endpoint URL
• SWIFTREMIT_CONTRACT_ID: Deployed contract address
• USDC_TOKEN_ID: USDC token contract address
• DEFAULT_FEE_BPS: Platform fee in basis points (0-10000)
• INITIAL_FEE_BPS: Initial fee for contract deployment (0-10000)
• DEPLOYER_IDENTITY: Soroban CLI identity for deployment

Documentation

• CONFIGURATION.md: Complete configuration reference with all variables, validation rules, and examples
• MIGRATION.md: Migration guide for existing developers

Usage Flow

1. Admin Setup

   • Deploy contract
   • Initialize with admin address, USDC token, and fee percentage
   • Register trusted agents

2. Create Remittance

   • Sender approves USDC transfer to contract
   • Sender calls create_remittance with agent and amount
   • Contract transfers USDC from sender to escrow
   • Remittance ID returned for tracking (status: Pending)

3. Agent Payout

   • Agent calls start_processing to signal work has begun (status: Processing)
   • Agent pays out fiat to recipient off-chain
   • Agent calls confirm_payout with remittance ID (status: Completed)
   • Contract transfers USDC minus fee to agent
   • Fee added to accumulated platform fees

4. Alternative Flows

   • Early Cancellation: Sender calls cancel_remittance while Pending
   • Failed Payout: Agent calls mark_failed during Processing (full refund)

5. Fee Management

   • Admin monitors accumulated fees
   • Admin calls withdraw_fees to collect platform revenue

Error Codes

Code	Error	Description
1	AlreadyInitialized	Contract already initialized
2	NotInitialized	Contract not initialized
3	InvalidAmount	Amount must be greater than 0
4	InvalidFeeBps	Fee must be between 0-10000 bps
5	AgentNotRegistered	Agent not in approved list
6	RemittanceNotFound	Remittance ID does not exist
7	InvalidStatus	Operation not allowed in current status
8	Overflow	Arithmetic overflow detected
9	NoFeesToWithdraw	No accumulated fees available

Events

The contract emits events for monitoring:

• created - New remittance created
• completed - Payout confirmed and settled
• cancelled - Remittance cancelled by sender
• agent_reg - Agent registered
• agent_rem - Agent removed
• fee_upd - Platform fee updated
• fees_with - Fees withdrawn by admin

Dependencies

• soroban-sdk = "21.7.0" - Latest Soroban SDK

License

MIT

Support

For issues and questions:

• GitHub Issues: Create an issue
• Stellar Discord: https://discord.gg/stellar
• Documentation: See DEPLOYMENT.md

Contributing

Contributions welcome! Please ensure:

• All tests pass: cargo test
• Code follows Rust best practices
• New features include tests
• Documentation is updated

Asset Verification System

SwiftRemit now includes a comprehensive asset verification system that validates Stellar assets against multiple trusted sources. See ASSET_VERIFICATION.md for complete documentation.

Features

• ✅ Multi-source verification (Stellar Expert, TOML, trustlines, transaction history)
• ✅ On-chain storage of verification results
• ✅ RESTful API for verification queries
• ✅ React component for visual trust indicators
• ✅ Background job for periodic revalidation
• ✅ Community reporting system
• ✅ Reputation scoring (0-100)
• ✅ Suspicious asset detection and warnings

Quick Start

# Start backend service
cd backend
npm install
cp .env.example .env
npm run dev

# Use in React
import { VerificationBadge } from './components/VerificationBadge';

<VerificationBadge assetCode="USDC" issuer="GA5Z..." />

Roadmap

• Asset verification system
• Multi-currency support
• Batch remittance processing
• Agent reputation system
• Dispute resolution mechanism
• Time-locked escrow options
• Integration with fiat on/off ramps