> ## Documentation Index
> Fetch the complete documentation index at: https://developers.circle.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Circle Match

> Batch-auction venue where participants fund positions in advance to match USDC burn demand against USDC mint demand for eligible Circle Mint customers

Match is a periodic batch-auction venue where participants fund their positions
in advance to coordinate USDC burn demand with USDC mint demand. The auction
prices a clearing fee in basis points, not USDC itself. USDC remains 1:1 with
USD at all times. Access is limited to eligible Circle Mint customers.

## Key features

<CardGroup cols={3}>
  <Card title="Uniform clearing fee" icon="scale-balanced">
    Every matched order in a cycle clears at the same fee in basis points,
    ensuring fair and transparent pricing for all participants
  </Card>

  <Card title="Prefunded settlement" icon="vault">
    Both sides prefund before the auction, eliminating counterparty risk and
    enabling atomic settlement
  </Card>

  <Card title="API and UI access" icon="browser">
    Place and manage orders through a REST API, WebSocket feed, or the embedded
    Match UI
  </Card>
</CardGroup>

## 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.

<Steps>
  <Step title="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.
  </Step>

  <Step title="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.
  </Step>

  <Step title="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.
  </Step>

  <Step title="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).
  </Step>

  <Step title="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.
  </Step>
</Steps>

## 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

<CardGroup cols={2}>
  <Card title="Place your first order" icon="arrow-right" href="/circle-match/quickstarts/place-your-first-order">
    Step-by-step guide to submitting your first burn or mint order through the
    API
  </Card>

  <Card title="How Match works" icon="circle-info" href="/circle-match/concepts/how-it-works">
    Detailed explanation of the batch-auction mechanism, lock window, and order
    lifecycle
  </Card>

  <Card title="Funding model" icon="wallet" href="/circle-match/concepts/funding-model">
    Understand the funding model for burn-side and mint-side participants,
    including restricted USDC balances and withdrawal options
  </Card>
</CardGroup>