Legal

Wallet Terms

These Wallet Terms apply when you use the Whop stablecoin wallet and are part of our Terms of Service (including the Terms' arbitration agreement and class action waiver).

Stablecoin Wallet 

Whop has partnered with Privy to offer you a self-hosted stablecoin wallet (“Wallet”). When you deposit funds into a Wallet, you choose to convert your funds (U.S. dollars held at a Financial Partner) into USDT, a stablecoin issued by Tether Limited. Your use of the Wallet is subject to Privy's Terms of Service. Whop does not charge fees to establish or maintain a Wallet and does not control your Wallet. Stablecoins held in your Wallet are entirely within your control, and cannot be accessed by us or by Privy.

You can choose to convert stablecoins in your Wallet back to U.S. dollars held at a Financial Partner at any time. If conversion fees apply, they will be shown before you complete the conversion. Your displayed balance may be outdated due to network delays—actual balances update when the blockchain confirms transactions.

Stablecoins held as USDT are not U.S. dollars, are not bank deposits, and are not FDIC insured. Tether Limited claims each token is backed by reserves in U.S. dollars or other cash equivalents and liquid assets. Stablecoins may fail to maintain their stated value. Wallet transactions are irreversible, and you could lose all of your stablecoins if you transfer them to a wrong address or a network that does not support USDT. You are solely responsible for securing your Wallet credentials. Your private key is split between your device and Privy's infrastructure through end-to-end encryption, so neither Whop nor Privy can access or move your stablecoins without your consent. 

Yield Program

When you choose to convert your funds into USDT, you also opt into participation in a yield-generation protocol. Specifically, USDT in your Wallet earns yield through a program powered by the Aave protocol, which deposits your stablecoins into liquidity pools through infrastructure provided by Veda. Your participation in the Yield program is subject to Veda’s Terms and Privacy Policy. You can choose to withdraw your stablecoins from these liquidity pools at any time. Any yield generated is deposited directly into your Wallet by the Aave protocol. You receive a portion of yield generated from borrowers. Whop does not pay or promise any yield.

You become eligible to enroll into the yield-generation protocol when you create a Wallet that contains more than $1 of USDT. If your balance is below $1, or you close your Wallet, you will not be eligible, or you will be un-enrolled from the yield-generation protocol, as applicable. Yield rates are variable and depend on borrowing markets. The current yield rate is displayed on the platform. Whop does not guarantee any specific return. Whop neither pays nor promises any yield. 

Engaging in crypto lending involves risks, including potential loss of principal. Whop or Aave may suspend the program at any time without notice. If the program is suspended, you will receive any yield that accrued prior to the suspension.