# Circle Opens Hourly USD Coin Auctions for Institutional Minting and Redemptions By John Kim Canonical URL: https://www.tokenpost.com/news/business/39110 Published: 2026-10-23T16:00:36.000Z Updated: 2026-10-23T16:00:36.000Z Section: Business > Matched redeemers pay a uniform auction fee that matched minters receive as rebates, with fees capped at Circle’s Express redemption rate. Circle opened Circle Match to eligible Circle Mint customers on Oct. 22, pairing requests to mint USD Coin (USDC) with requests to redeem it in hourly auctions that set one fee for matched orders. Matched orders clear at a uniform fee. Redeemers pay it, while minters receive it as a rebate credited in spendable USDC to their regular Circle Mint wallets. Customers seeking to mint set the minimum rebate they will accept; those seeking to redeem set the maximum fee they will pay, capped at Circle’s Express rate. Better-priced orders fill first, and orders at the clearing fee are allocated proportionally. Customers fund orders before an auction. Redeemers deposit USDC, while mint-side customers wire dollars to a separate Match balance that converts to restricted “Circle-Match-Only USDC.” Those funds are held separately and cannot be withdrawn to external blockchain addresses. The auctions bring together institutional minting and redemption demand that might otherwise use separate Circle Mint, over-the-counter or exchange routes. Combined USDC minting and redemption exceeded $315 billion in the first half of 2026, or about $1.7 billion per day. That total reflects activity across the period but does not show how much volume Circle Match will attract. The fee cap does not necessarily make Match cheaper than Circle’s free Standard redemption option. Standard redemptions can take up to two business days before bank settlement. Express redemptions carry a 0.05% fee on gross redemptions and are processed near-instantly before bank settlement. Match redemptions are processed as fast as Express, though fiat settlement remains subject to U.S. banking hours. Circle’s [updated redemption fee schedule]() applies to redemptions on or after Oct. 19, 2026. Existing customers move to the schedule at the start of their next billing period. “Circle Match does not price USDC,” Circle said. The token remains redeemable for $1 each, less applicable fees. Whether an order matches and the rebate a minter receives depend on the orders in each auction; no specific outcome is promised. ## Links in this article - [updated redemption fee schedule](https://www.tokenpost.com/news/business/34861)