Circle launches hourly auctions pairing USDC minters and redeemers for rebates

Circle announced on Oct. 22 the launch of Circle Match, a service that uses hourly auctions to pair institutions cashing out of USDC with those minting the stablecoin. According to CryptoSlate, the system allows institutions cashing out of USDC to fund rebates for institutions that are minting it. [1]

The service is open to eligible institutional Circle Mint customers, CryptoSlate reported. Participation requires prior approval, and the availability of the feature varies depending on the jurisdiction. [1]

Under the new mechanism, auction fees paid by matched redeemers are capped at the Express rate. CryptoSlate noted that the service passes these matched redemption fees directly to minters as rebates, using conditional fills and bank-hour limits on payouts. [1]

USDC is a cryptocurrency stablecoin issued by Circle Internet Group that is pegged to the United States dollar. The asset is distinct from a central bank digital currency. [6]