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 or through the TBILL Vault smart contract.

All redemption requests will be locked into a redemption queue by default. Requests within the available liquidity reserve amount may be entitled to express redemptions.

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.

Please note that the exchange rate and transaction fee applied will be determined at the time when the redemption request is processed.

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

Express Redemptions

Express redemptions are specific to the portion of the redemption queue that can be covered by the available free liquidity. These requests are prioritised and processed within 24 hours.

Redemption Queue

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

Restrictions

Address Level

Redemptions can only be initiated from addresses that have been whitelisted after participants have successfully completed the onboarding process. Additionally, all redemption requests have to meet the minimum value of USDC 1,000.

The Investor can expect to receive an email upon successful redemption.