Circle’s new USDC auctions let institutions collect the fees others pay to cash out

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.

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