Each oneToken (ie, oneBTC) can be redeemed for exactly 1 USDC (or other USD hard pegged stablecoin in the Collateral Reserve), less a redemption fee. A oneToken redemption can only come from the Collateral Reserve. The cryptocurrency paid to mint isn't repaid to any token holder by the system. Instead, it remains in a Community Treasury and each oneToken is a vote in deciding how to manage the community treasury.
