Circle says eligible Mint customers can now match USDC mint and redemption orders in hourly auctions with rebates and capped redemption fees.
Circle said it has introduced Circle Match, an hourly auction service for eligible Circle Mint customers that pairs USDC mint and redemption orders and changes the economics of those flows inside Mint. In the company’s Oct. 22, 2026 blog post, matched mints receive the auction fee as a rebate, while matched redemptions pay one uniform clearing fee at or below the Express rate.
According to Circle’s announcement, Circle Match is designed for institutions that move USDC at volume and want to match offsetting demand inside Mint rather than through separate OTC desks or exchanges. The company said minters set the minimum rebate they will accept and redeemers set the maximum fee they will pay, with both sides keeping control of their own terms. If orders match, the redeeming side pays one clearing fee and the minting side receives that full fee as a rebate, subject to product terms, auction rules and any disclosed exceptions.
Circle said each auction runs hourly and uses prefunded orders. To redeem, customers deposit USDC; to mint, they wire USD into a separate Circle Match balance that converts to USDC when it settles. The company said new orders can join until clearing, followed by a one-minute lock during which existing orders can be improved but not withdrawn. Better-priced orders are filled first, orders at the clearing fee are allocated pro rata, and any unmatched amount follows the participant’s chosen fallback action of Fallback, Roll or Cancel.
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