Key features
Uniform clearing fee
Every matched order in a cycle clears at the same fee in basis points,
ensuring fair and transparent pricing for all participants
Prefunded settlement
Both sides prefund before the auction, eliminating counterparty risk and
enabling atomic settlement
API and UI access
Place and manage orders through a REST API, WebSocket feed, or the embedded
Match UI
How it works
Match runs on a periodic batch-auction cycle. Participants on each side prefund their positions, submit orders, and receive a uniform fill when the auction clears.1
Prefund your position
Burn-side participants transfer USDC from their Circle Mint wallet to their
Match balance. Mint-side participants wire USD; once the wire settles, Circle
converts it to a Match-only USDC balance that can be used to place mint orders.
2
Submit an order
Burn-side participants specify the amount of USDC to redeem and the maximum fee
(in basis points) they are willing to pay. Mint-side participants specify the
amount of USDC to mint and the minimum rebate (in basis points) they require.
3
Lock window
Shortly before each auction clears, a brief lock window opens. New orders and
price improvements are accepted during this period, but cancellations and size
changes are not.
4
Auction clears
Match sets a single uniform clearing fee for the cycle. Orders in the fee range
fill at that fee; unmatched remainder follows your post-fill election (roll to
the next auction, fall back to Circle Mint, or cancel).
5
Settlement
Filled burn-side orders receive USD to their Circle Mint account. Filled
mint-side orders receive USDC. Unmatched balances are returned according to your
post-fill election.
Participant sides
Match has two participant sides that meet in each auction cycle.- Burn side: Redeem USDC for USD. You prefund with USDC from your Circle Mint wallet and specify the maximum clearing fee you are willing to pay.
- Mint side: Mint USDC with USD. You wire USD to Circle; once the wire settles, Circle converts it to a Match-only USDC balance for placing mint orders.
Get started
Place your first order
Step-by-step guide to submitting your first burn or mint order through the
API
How Match works
Detailed explanation of the batch-auction mechanism, lock window, and order
lifecycle
Funding model
Understand the funding model for burn-side and mint-side participants,
including restricted USDC balances and withdrawal options