After transferring or selling the token minted, at any time before 26 June 2020, if this position gets assigned, the option writer will be forced to sell his 1 Ether for 200 USDC. If it's not assigned, he can redeem back the 1 Ether after expiration. Alternatively, if the writer wants to redeem the collateral back before expiration, he can buy back one token and burn it.