If your fund shares were burned but the stablecoins have not arrived, it usually means your redemption request is stuck at the stage of "request submitted but not yet processed by the vault manager." This is not a system failure. It is the normal process for tokenized fund redemptions. The "burn" you see is only the first step: it tells the vault "I want to leave," but when the vault releases funds and at what price is decided in later steps.
Step 1: Understand the "request-claim" model of redemptions
Tokenized funds—especially funds backed by real-world assets like government bonds or credit—cannot settle instantly like ordinary crypto assets. The reason is that the underlying assets have a T+1 or T+2 settlement cycle—meaning they settle one or two business days after the trade—which cannot be completed in a single on-chain transaction.
That is why leading funds and RWA protocols commonly use the ERC-7540 "asynchronous vault" standard. It splits redemption into two steps:
Submit a request (requestRedeem): You start the redemption. The smart contract locks your shares, creates a request ID, and the status becomes "Pending."
Claim the result (claim): The vault manager—usually the fund manager or an authorized address—finishes off-chain settlement, such as confirming shares, calculating net asset value, and paying funds. Then the request status is updated to "Claimable." After that, you can receive stablecoins through standard
redeem()orwithdraw()functions.
"Shares burned" happens in the first step, while "stablecoins received" only happens after the second step is completed.
Step 2: Common reasons why stablecoins have not arrived
Reason 1: Still waiting for the vault manager to process A redemption request does not automatically change from "Pending" to "Claimable." Under the ERC-7540 standard, settlement is usually carried out by a manager or authorized account. This mirrors an off-chain approval process: the manager must confirm shares, calculate the amount based on the day's net value, and then settle on-chain. Bybit's RWA wealth management redemption instructions clearly state, "Redemption requests usually take 1–7 business days to process." If you submitted less than 48 hours ago, it is likely still in the queue.
Reason 2: Confusion between synchronous and asynchronous requests If a vault is configured as asynchronous for redemptions but synchronous for deposits (or the reverse), functions like previewRedeem may behave differently. If you call the wrong combination of functions, your request may be submitted but not enter the correct execution queue.
Reason 3: Underlying fund settlement is not finished After your shares are burned, the fund still needs to convert underlying assets such as government bonds or repo agreements into cash, then pay you through a stablecoin channel. Even leading funds like BlackRock BUIDL can offer "instant stablecoin prepayment" through liquidity facilities like Basin, but the underlying settlement is still happening in the background. Basin is essentially an advance payment mechanism, not instant settlement of the redemption itself.
Step 3: Check whether your redemption request is legally valid
The final record of fund shares is the official register maintained by the transfer agent, not the on-chain token balance. If you see that on-chain shares have been burned but the register has not been updated yet, the money may be delayed even if the on-chain status shows "completed." This is why tokenized funds are more likely to have "status mismatch" than ordinary ERC-20 transfers.
What to do next
Check request status: If the vault supports ERC-7540, call
pendingRedeemRequest()orclaimableRedeemRequest()to see whether your request is already in the "Claimable" queue.Review redemption rules: Go back to the product page and confirm the fund's redemption processing cycle—T+1, T+2, or longer—and whether there is a clear daily cut-off time.
Keep transaction records: Save the transaction hash and request ID from your redemption. If funds have not arrived after the expected time stated in the product description, use these records to contact the fund manager or platform support.
