Redemption

High-level: Redemption

Traditional Redemption Flow

Redeem via Fiat

1. The client communicates that they would like to redeem USYC

2. Client burns USYC equal to the redemption amount

3. Wire initiated from Prime brokerage to SDYF bank account

4. If the client entered through a feeder fund (then fiat returned through the feeder bank account)

   1. Else wire is initiated to the client's bank account

Redeem via USDC

1. The client communicates that they would like to redeem USYC

2. USYC burned

3. Wire initiated from Prime brokerage to SDYF bank account

4. Fiat is converted to USDC

5. If the client entered through a feeder fund (then USDC returned through the feeder wallet)

   1. Else USDC transferred to the client's wallet

For atomic redemptions, please refer to the Automated Teller section for additional details.