1. User submits a redemption request by sending mUSG tokens to the fund’s smart contract

  2. The smart contract logs your redemption request.

  3. Excellar’s management company will either use its cash reserves or sell enough ETF shares at Clear Street to cover the redemption. XUSG tokens previously held by the user will be burnt.

  4. Clear Street will wire the resulting USD to Coinbase, who will convert it to USDC.

  5. USDC will be distributed to the user’s wallet to complete the redemption.

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