> For the complete documentation index, see [llms.txt](https://tex-docs.gitbook.io/tex/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tex-docs.gitbook.io/tex/protocol-mechanics/redemption.md).

# Redemption

The diagram above breaks down the fundamentals of the TEX issuance process.

**Here are the end-to-end steps involved:**

• Issuance only available to investors that have passed KYC

• Investor begins redemption process by submitting request during redemption window

• TEX then redeems the Debt.D or Equity.E token from the investor

• Closure period begins. Once complete, TEX exchanges RWA with institutional partner for $USD

• TEX then converts $USD to $USDC

• $USDC is issued to investor. Corresponding Debt.D or Equity.E tokens are burned