Get a rebate to mint. Set your price to redeem.

Circle Match is an semihourly auction (every 30 minutes) for approved Circle Mint customers that coordinates mint and redemption orders for USDC. When orders match, the redemption side pays one uniform fee, at or below the Express redemption fee, and the minter receives that fee as a rebate. Circle Match prices the fee and rebate, not USDC itself.

Every 30 minutes, Circle Match runs an auction. Minters set the minimum rebate they will accept, and those looking to redeem set the maximum fee they will pay. The book prevents withdrawing existing orders one minute before clearing; these orders can be improved but not pulled. Better-priced orders fill first; orders at the clearing fee are allocated pro rata. Everyone matched in the auction clears at the same fee.

Both sides fund their orders before placing them. Those looking to redeem deposit USDC. Minters fund in USD that is converted to USDC. When auction orders match, the USDC settles atomically between Circle Mint accounts. The USD redemption payout is initiated through the same payout process as Express redemptions, subject to US banking hours.

Approved Circle Mint customers can submit a mint order with the minimum rebate they are willing to accept. If the order matches with redemption demand, the minter receives the auction fee as a rebate in their Circle Mint account. Today, the full fee paid by the redeeming side goes to the matched minter. The rebate depends on the orders in each auction, so no specific outcome is guaranteed.

The auction finds one uniform clearing fee that satisfies matched mint and redemption orders. The redeeming side pays that fee on matched volume, and the minter receives it as a rebate. Minters set a minimum acceptable rebate, redeemers set a maximum acceptable fee that is capped at the Express rate.

You can follow the live price, available size, and time remaining auction data through the Circle Match interface or API. After the auction clears, your order status and matched amount are available through those same channels. Rebates are delivered to your Circle Mint account. 

Nothing gets stuck after an auction concludes. You can pull the unmatched order (via Cancel), let it roll into the next hourly auction (via Roll), or use the standard Circle Mint process where applicable (via Fallback). Mint-side funds remain separate from your normal Mint wallet until used and can be returned to USD at no cost.

No. Circle Match is available to approved Circle Mint customers and access is eligibility-gated. Availability can depend on account type, fee arrangement, jurisdiction, and other product requirements. Prospective customers must first apply for a Circle Mint account.