> For the complete documentation index, see [llms.txt](https://docs.sierra.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.sierra.money/building-with-sierra/minting-and-redeeming.md).

# Minting & Redeeming

Institutional users who complete onboarding with Sierra Reserve Limited, the issuing entity all Vaults and LVTs, are [Authorized Participants](/additional-resources/authorized-participant-onboarding.md). Once onboarded as an Authorized Participant, we whitelist the wallet(s) provided by institutional users for the applicable Vaults and LVTs, which enables direct access to mint and redeem functionality.

### Minting Vault tokens and LVTs

1. Connect your whitelisted wallet to the respective web app, i.e. [https://app.sierra.money](https://app.sierra.money/mint)
2. Navigate to the "Mint" page
3. Input the amount of USDC you would like to spend minting Vault tokens or LVTs
4. Click "Approve"
5. Approve the spending cap in your wallet
6. Approve the deposit transaction in your wallet

Once completed, the USDC will be sent to the segregated reserves wallet backing the respective Vault or LVT and the corresponding amount of Vault tokens or LVTs will be minted immediately to your whitelisted wallet using the prevailing [Exchange Rate](/building-with-sierra/exchange-rate-mechanism.md)

### Redeeming Vault tokens or LVTs

1. Connect your whitelisted wallet to the respective web app, i.e. [https://app.sierra.money](https://app.sierra.money/mint)
2. Navigate to the "Mint" page
3. Input the amount of USDC you would like to receive from redeeming Vault tokens or LVTs
4. Approve the redemption request in your wallet

After your redemption request is processed, the Vault Tokens or LVTs will be burned and the corresponding amount of USDC will be transferred to your wallet atomically. Note, the exchange rate used for the redemption is fixed at the time you make the redemption request. 

{% hint style="info" %}
The standard SLA for redemptions is 2 business days. Most redemptions are repaid within the same business day, typically within 1-2 hours. 
{% endhint %}