> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/learn/case-studies/early-abcp-redemption.md).

# Early ABCP redemption

PROBLEM
\
Maturity mismatch for early ABCP redemptions

SOLUTION
\
Instant mint. Hold share in escrow.

<mark style="color:purple;">INSTANT REDEMPTION FLOW</mark>\
1 Investor locks GDCP\
2 Contract mints USDXT\
3 CP matures\
4 Guggenheim pays XFT\
5 XFT releases escrow\
6 Guggenheim burns GDCP

<figure><img src="/files/9ZpMs9OPYzSV2iRtRCri" alt=""><figcaption></figcaption></figure>

### TECHNICAL SEQUENCE

<mark style="color:purple;">COUNTERPARTIES</mark>

Investor [0xE4e26f8B4C69E554a113880cF40D21ca70d51e0a](https://sepolia.arbiscan.io/address/0xE4e26f8B4C69E554a113880cF40D21ca70d51e0a)\
XFT [0x2f572059DbC598C8acfeA4AF06FE4f7669D1b3b1](https://sepolia.arbiscan.io/address/0x2f572059dbc598c8acfea4af06fe4f7669d1b3b1)\
Guggenheim [0x82fcEd3D9D0CC5e770C00a3763354B76AF140546](https://sepolia.arbiscan.io/address/0x82fcEd3D9D0CC5e770C00a3763354B76AF140546)\
XFTAssetSwaps\_V5 [0x05EC1faCe695f78a5A9530c612345603f926EAa7](https://sepolia.arbiscan.io/address/0x05EC1faCe695f78a5A9530c612345603f926EAa7)\
GDCP [0xD462e7A5c34406c538B75e411C166f2d5B254207](https://sepolia.arbiscan.io/address/0xD462e7A5c34406c538B75e411C166f2d5B254207)\
USDXT [0xC1BF9854E43b84f3abec5f5d1C72F0a6f602034b](https://sepolia.arbiscan.io/address/0xC1BF9854E43b84f3abec5f5d1C72F0a6f602034b)

<mark style="color:purple;">INSTANT REDEMPTION FLOW</mark>\
1 Investor requests <mark style="color:red;">early</mark> GDCP redemption
\
2 Investor deposits GDCP shares in escrow contract
\
3 Contract instantly mints USDXT to investor (1:1 NAV)
\
4 Investor receives USDXT immediately
\
5 Contract holds GDCP shares in escrow pending settlement
\
6 Commercial paper matures
\
7 Guggenheim sends USD payment to XFT
\
8 XFT releases escrowed GDCP shares\
9 Contract transfers GDCP shares to Guggenheim\
10 Guggenheim burns returned GDCP shares

<figure><img src="/files/ieg06wq5oLkZnycjeB03" alt=""><figcaption></figcaption></figure>

<mark style="color:purple;">EXAMPLE TXNS</mark>

Initiate escrow mint\
<https://sepolia.arbiscan.io/tx/0xd7546ff62a1479bac2301cd4172396ebbea73979aa397984b850b868b9f343c3>

Deposit, instant mint\
<https://sepolia.arbiscan.io/tx/0x2c87295626de3de88fd1de90dda3e49a00292180641dd72e6d59934b986d42d7>

Release Escrow\
<https://sepolia.arbiscan.io/tx/0xb243fbe1714b0a6767bf34e5405df847da294dde7aeb5df619bddc4434c6264b>

<mark style="color:purple;">RESOURCES</mark>

[Moodys GDCP rating](https://ratings.moodys.com/ratings-news/424161)

[Tokenization Grand Prix GDCP Application](https://forum.sky.money/t/tokenization-grand-prix-application-guggenheim-treasury-services-digital-commercial-paper-gdcp/25193)

[RWA.xyz GDCP overview](https://app.rwa.xyz/assets/DCP)