# Redemptions

## Redemption Process

An onboarded Investor can redeem their TBILL tokens for USDC from the TBILL Vault by initiating a redemption request either on the[ TBILL Vault’s app interface](https://app.openeden.com/) or through the [TBILL Vault smart contract](/tbill/smart-contract-addresses.md). Redemption requests will be placed into a [redemption queue](#redemption-queue). 

During the redemption process, the TBILL tokens previously held by the Investor will be burnt. The final amount of USDC the Investor will receive will be the amount of TBILL tokens redeemed multiplied by the prevailing TBILL/USDC token price at the time of withdrawal, net of transaction fees.

{% hint style="info" %}
Please note that the exchange rate and transaction fee applied will be determined at the time when the redemption request is processed.
{% endhint %}

$$
usdcReceived = {tbillTokensWithdrawn \* exchangeRate - txnFee}
$$

## Redemption Queue

The requests in the redemption queue are processed in accordance with a First-In-First-Out (FIFO) model. Redemptions are typically processed on the next 1 U.S. business day.

## Restrictions

### Address Level

Redemptions can only be initiated from whitelisted addresses after participants have successfully completed the [onboarding process](/tbill/investor-onboarding.md). Additionally, all redemption requests have to meet the minimum value of USDC 1.

The Investor can expect to receive an email when a redemption request is made and upon successful redemption.


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