Last Updated: September 9, 2026
These GMUSDC Terms are supplemental to the GMGN Terms of Service (the "General Terms"), and govern GMUSDC (Mint Rewards) only. By enabling or using GMUSDC, you agree to be bound by these terms. If you do not understand or accept them, you should not enable GMUSDC.
These terms govern "GMUSDC" (also referred to in the product as "Mint Rewards"), and are supplemental to the General Terms. Where these terms and the General Terms conflict with respect to GMUSDC, these terms prevail.
3.1 Once you enable GMUSDC, eligible USDC in your account balance is automatically minted 1:1 into GMUSDC to participate in Rewards. GMUSDC is a record maintained by GMGN representing your entitlement to Deposited Assets and Rewards under these terms, and is not a freely transferable, tradeable, or independently withdrawable on-chain token.
3.2 GMUSDC minted under these terms remains usable as margin for trading on GMGN in the same manner as USDC. Enabling GMUSDC does not itself restrict your ability to trade, but see Section 6.2 regarding potential delay on swap-back, which may affect the timing of funds becoming available as free balance.
3.3 You may swap GMUSDC back to USDC at any time by disabling GMUSDC or redeeming the relevant amount ("Swap-Back"), subject to Section 6.
4.1 When you enable GMUSDC, the underlying Deposited Assets may be moved to accounts or addresses controlled by GMGN or its Affiliates, and might not be kept separate from other users' assets. GMGN may use your Deposited Assets, together with other pooled funds, to generate the returns for your Rewards.
5.1 The applicable rate ("Current Reward Ratio"), expressed on an annualized basis by extrapolating the Rewards actually accrued for the Reward Period currently in progress (or most recently completed), is determined by GMGN in its discretion based on the performance and operating condition of the relevant program, floats over time, and may change or be reduced to zero at any time without prior notice. Because the Current Reward Ratio is extrapolated from a single Reward Period, it may fluctuate significantly between Reward Periods and is not indicative of the return for any other period. Past Current Reward Ratios, and any historical or annualized figures GMGN may display, are provided for reference only and are not an indication, projection, or promise of future returns.
5.2 Rewards are calculated and credited to your Account periodically in GMUSDC, currently once every eight (8) hours ("Reward Period"). GMGN may change the frequency, method, or amount of accrual and crediting at its discretion, with notice where reasonably practicable.
5.3 Deposited Assets that are minted into GMUSDC during a given Reward Period begin accruing Rewards from the following Reward Period, not the period in which they were minted.
5.4 The actual return GMGN generates from using your Deposited Assets may differ from the Rewards paid to you.
6.1 You may effect a Swap-Back at any time. Amounts you Swap-Back forfeit any Reward that would otherwise have accrued for the Reward Period in which the Swap-Back occurs; Rewards already credited to your Rewards Account for prior Reward Periods are not affected and are retained.
6.2 Notwithstanding Section 3.3, a Swap-Back — and any subsequent withdrawal of the resulting USDC — is not instant and is not guaranteed. It may be delayed or fail, including where required by GMGN's risk management, liquidity, security, or compliance processes, or due to factors outside GMGN's control.
7.1 GMUSDC IS NOT A BANK DEPOSIT. YOUR REWARDS ACCOUNT IS NOT A DEPOSIT ACCOUNT AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENT DEPOSIT INSURANCE SCHEME.
7.2 Enabling GMUSDC involves risk, including the risk that you lose some or all of your Deposited Assets — for example due to GMGN's insolvency, operational failure, security breach, or the failure of a third party GMGN relies on. GMUSDC's 1:1 representation of your Deposited Assets is a contractual entitlement against GMGN only, and is not backed by an on-chain mechanism enforcing that peg. Using GMUSDC-derived balances as margin carries the additional risks described in the Perpetual DEX Terms, including that Swap-Back delay under Section 6.2 may affect your ability to access funds during periods of margin or liquidation risk. GMGN does not represent that GMUSDC is appropriate for you. You should assess the risks and seek independent advice before enabling GMUSDC.
8.1 GMGN may stop providing GMUSDC at any time. Where reasonably possible, GMGN will give at least 30 days' notice, but may give less or no notice where required by law or where your Rewards Account is closed.
9.1 The governing-law, arbitration and class-action waiver provisions incorporated into the Perpetual DEX Terms by Section 24.1 (referencing Section 16 of the General Terms) apply equally to any dispute arising out of or relating to these terms.
10.1 Capitalised terms not defined here have the meaning given in the General Terms.