Redeeming USD1 for USD
All USD redeemed from the USD1 custody account is redeemed against USD1 ERC-20 tokens that have been "burned" for the redemption. The regulated broker/dealer company in charge of USD1 issuance receives the USD1 to be redeemed, burns it, and then instructs the regulated asset management company to process a redemption from the fund backing the token. The regulated asset management company and USD1 Limited then instruct the independent, regulated administrator to process a redemption from the fund, which then results in an electronic transfer of USD from the tier 1 global bank custodian to the client's US dollar bank account. If the client redeeming the USD1 is not already a KYC/AML onboarded client of the backing fund, then the client will need to be onboarded via the usual KYC/AML compliant procedures dictated by the laws of the Hong Kong SAR before the redemption can be processed:

If you are interested in redeeming USD1 for USD electronically transferred to your US dollar bank account through this process, please contact admin@usd1.io.
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