The payment depends on a matched minting order. Simply holding $USDC does not qualify someone for the rebate.
The clearing fee on a matched redemption cannot exceed the customer’s stated maximum or the rate for Circle’s Express redemption service. Clearing below Express can therefore reduce the auction fee relative to that route, but a lower fee is not guaranteed.
This auction mechanism is separate from the redemption-surcharge removal CryptoSlate covered on Oct. 19.
Both sides must fund their orders before entering. Redeemers deposit $USDC. Mint-side customers wire dollars into a separate Match balance, where the money becomes restricted $USDC. Under Circle’s Mint agreement for users outside the European Economic Area, that prefunding cannot be sent to external blockchain addresses.
Participants who want to exit can request redemption of their restricted Match-only $USDC without a fee, with the corresponding dollars returned by wire to the bank account on file. Existing weekly Mint deposit and withdrawal limits apply.
A one-minute lock before clearing prevents participants from withdrawing committed orders, although new orders and price improvements remain possible. Better-priced orders take priority; orders at the clearing fee share fills proportionally.
Any unmatched amount follows the customer’s selected Fallback, Roll or Cancel setting. Submitting an order does not secure a rebate or a redemption fill.
A match still faces banking hours
Circle describes atomic $USDC settlement when orders match and says matched redemptions pay out as fast as Express. Section 2.12 of its non-EEA Mint agreement nevertheless makes dollar payouts subject to U.S. banking hours.
The agreement also says a delay caused solely by those banking-hour constraints is not a settlement failure under its terms.
