> For the complete documentation index, see [llms.txt](https://docs.theo.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.theo.xyz/products/thbill/mint-and-redeem.md).

# Mint & redeem

thBILL is gated to KYC/KYB'd parties. Please reach out to learn more.

## Eligibility

Minting and redeeming thBILL directly requires KYC or KYB verification. Reach out to the team to begin that process.

## What holders receive

Redemption settles in stablecoins. Holders have no claim on the underlying fund units or the securities held by those funds. This means when a user redeems, they receive stablecoins in the form of USDC or USDT, not the underlying treasuries held by the fund. 

## Deployments

thBILL is deployed on Ethereum, Arbitrum, Base, and HyperEVM. Contract addresses are on Deployed addresses.