oneTokens are minted by you with your non-hosted Ethereum wallet through the DMA. There is no issuing entity, bank, or any other counterparty. You pay exactly $1 of value in two parts to mint a oneToken:
A USD hard pegged stablecoin deposited to the oneToken's Collateral Reserve
The oneToken's native project tokens (ie, wBTC) which is deposited to a Community Treasury
A minting ratio specifies how much USD hard pegged stablecoin and how much of the oneToken's cryptocurrency you pay to mint a oneToken. For example, you pay $0.90 USDC and $0.10 wBTC to mint oneBTC (the stablecoin for Bitcoin) at a 90% minting ratio.
Go to https://app.ichi.org/mint to see the Minter in Figure 1.
2. Connect your Ethereum Wallet. If you are new to Ethereum, go here to learn about Ethereum wallets: https://ethereum.org/en/wallets/
3. Make sure the "Mint" tab is selected
4. Select a stablecoin to mint
5. Enter an amount to mint.
6. Click "Approve" to approve the scarce crypto you plan to deposit in conjunction with USDC for minting (you will only do this on your first time minting a specific stablecoin)
7. Sign the transaction in your Ethereum wallet.
8. Click Mint to send the transaction to your Ethereum wallet
9. Again, sign the transaction in your Ethereum wallet.