Eligible institutions can collect rebates funded by matched redeemers, whose auction fees are capped at the Express rate.

Institutions cashing out of USDC will fund rebates for institutions minting it through Circle Match, a newly available service that pairs the two sides in hourly auctions, Circle said in its Oct. 22 announcement.

The service is open to eligible institutional Circle Mint customers, with approval required and availability varying by jurisdiction. It gives customers converting USDC back into dollars control over the maximum fee they will accept, while customers turning dollars into USDC set a minimum rebate.

Every matched order in an auction clears at one uniform fee. Redeemers pay it, and Circle says the full amount currently goes to matched minters as spendable USDC in their normal Mint wallets, subject to product terms, auction rules and disclosed fees or exceptions. Circle says it retains no separate spread on matched volume.

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.

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