> ## 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.

# Match funding model

> How burn-side and mint-side participants prefund their Match activity, and what happens to balances before, during, and after a fill.

Match is a two-sided market: burn-side participants destroy USDC and receive
USD, while mint-side participants deposit USD and receive USDC. Each side funds
its activity differently, carries a different fee direction, and follows a
different exit path. Understanding how each side funds activity, particularly
the restricted nature of mint-side balances, is essential before placing orders.

## Burn side

Burn-side participants hold USDC in their existing Circle Mint wallet. No
separate funding step is required.

When you place a burn-side order, Circle reserves the order amount from your
Circle Mint wallet balance. The reserved amount is no longer available for new
orders or withdrawals until the auction clears.

* **If the order fills:** You pay the clearing fee (deducted from the filled
  amount in basis points), and receive USD settlement to your linked fiat
  account.
* **If the order is unfilled or cancelled:** The reserved USDC is released back
  to your available balance.

Burn-side USDC is standard Circle Mint USDC. It is withdrawable to blockchain
addresses at any time when not reserved by a resting order.

## Mint side

Mint-side participants fund their activity by wiring USD to their Match fiat
account. This account is separate from the standard Circle Mint wallet.

Once the inbound wire settles, Circle automatically converts the USD into
Match-only USDC. This balance is segregated from your standard Circle Mint
wallet and does not appear there.

<Note>
  After a USD wire settles, you hold Match-only USDC, not fiat. This balance is
  not fiat sitting idle. It is USDC, held in a restricted, Match-only construct.
  It cannot be sent to blockchain addresses and does not appear in your standard
  Circle Mint wallet.
</Note>

* **If the order fills:** You receive USDC in your standard Circle Mint wallet
  (not in the restricted balance) and earn the clearing fee as a rebate added to
  the received amount. Post-fill USDC in the standard Mint wallet is
  withdrawable normally.
* **If the order is unfilled or cancelled:** The restricted USDC balance remains
  in the Match account until you submit a withdrawal request or place a new
  order.

### Exit path for restricted USDC

The only way to exit a restricted Match-only USDC balance is to submit a
withdrawal request. Circle burns the restricted USDC and wires the equivalent
USD to your linked fiat account. This withdrawal is fee-free: no standard Circle
Mint burn fee applies. There is no blockchain exit for restricted USDC.

## Burn side vs. mint side comparison

|                                  | Burn side                                                         | Mint side                                                                  |
| -------------------------------- | ----------------------------------------------------------------- | -------------------------------------------------------------------------- |
| **Prefund type**                 | USDC in existing Circle Mint wallet                               | USD wire to Match fiat account, converted to restricted USDC on settlement |
| **Fee direction**                | Pays the clearing fee                                             | Receives the clearing fee as a rebate                                      |
| **Post-fill currency received**  | USD (to linked fiat account)                                      | USDC (to standard Circle Mint wallet)                                      |
| **Exit path (unfilled balance)** | USDC releases to standard Mint wallet; withdrawable to blockchain | No-fee USD wire to linked fiat account only; no blockchain exit            |

## Balance fields

Your Match account summary exposes three balance fields for the mint-side
restricted USDC:

* `total`: your full Match USDC balance.
* `reserved`: the portion held by open resting orders, not available for new
  orders.
* `available`: `total` minus `reserved` (what you can use for new orders).

The account summary is a best-effort snapshot. Activity figures may lead
settlement; for exact reconciliation, rely on order and settlement records
rather than the summary alone.

## Order size constraints

All orders (burn side and mint side) must be a minimum of $100 and a multiple of
$100. This granularity is required for integer-cent fee arithmetic at
basis-point precision during clearing.