Circle Match pairs eligible institutional USDC mint and redemption orders through hourly, prefunded auctions. Institutions redeeming USDC fund rebates for institutions minting it, with every matched order clearing at a uniform fee. The clearing fee cannot exceed the customer’s stated maximum or Circle’s Express redemption rate, but matching and fee savings are not guaranteed. Participants must prefund their orders, and a one-minute lock prevents withdrawals of committed orders. Dollar payouts remain subject to U.S. banking hours, while unmatched amounts follow the customer’s selected fallback setting.
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