> For the complete documentation index, see [llms.txt](https://docs.excellar.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.excellar.finance/how-does-it-work/redemption.md). # Redemption 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. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.excellar.finance/how-does-it-work/redemption.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.