Settlement

The moment a transfer becomes final and the records of both sides agree.

On chain, settlement is the block in which a transaction reaches finality. Off chain, settlement is the day the cash or the instrument moves.

A redemption has both: an on-chain burn and an off-chain payment, and the published window covers the slower of the two.

Related terms

The point at which a transaction can no longer be reversed by the network.

Exchanging a token back for its value in cash or the underlying asset under the published schedule.