Eligible ADGM Subscribers pay USDC for primary certificates. Under the prospectus redemption procedure, Nest instructs the issuer to have Alpaca move the corresponding CRCL shares from the issuer’s segregated custody account to the NTL omnibus account, reflected in the subscriber’s sub-account. Only after confirmation of that transfer is the token operator instructed to burn the corresponding certificates and the CSD ledger updated. A later sale or transfer of the shares is a separate request; the document describes the procedure, not evidence that an individual redemption has completed.
The offer is described in the ADGM-approved prospectus. Outside ADGM, public materials describe eligible secondary-market access in permitted jurisdictions. U.S. Persons, as defined by Regulation S rather than citizenship alone, are excluded. The prospectus also excludes its broader U.S. Prohibited Person category, including U.S. residence or incorporation, physical presence, relevant account or beneficiary relationships, and orders originating in the United States.
A token withdrawn on-chain may not re-enter the central securities-depository environment unless compliance and product conditions are satisfied. A liquid wallet balance is not an unconditional redemption instruction.
