Circle removes redemption overages as new Mint billing periods begin

Circle's revised Mint redemption fees begin applying to existing customers at the start of their next billing period on or after October 19. The update removes net-redemption overage charges for USDC and EURC while retaining a choice between free Standard processing and paid Express processing.

The names require care: Standard replaces the name “Basic,” and Express replaces “Institutional.” Circle is retiring its previous Standard tier, including that tier's daily net-redemption fee and $10 million daily gross limit.

Processing speed and fees

Under the new schedule, Standard carries no Circle redemption fee and processes within two business days, followed by bank settlement. Express charges five basis points, or 0.05%, of gross redemptions before eligible credits. Circle describes its processing as near-instant; bank settlement still follows.

Express customers with positive net minting during a billing period may receive credits against fees paid. The credits are conditional and capped at those fees. The schedule also exempts Circle Payments Network activity from Express redemption fees.

Who uses Mint

Circle describes Mint as an institutional service for businesses including exchanges, banks, wallet providers and institutional traders. Individuals cannot open Mint accounts. The updated issuer schedule therefore does not establish what a retail exchange or wallet will charge its own customers to withdraw money.

In an October 16 explanation of USDC's economics, Circle chief commercial officer Kash Razzaghi discussed the cash and banking relationships needed to process redemptions quickly. He said eligible platform customers could qualify for free near-real-time redemption through balances and use of Circle products, and described payment flows on CPN as another free route.

The fee schedule supplies the applicable account terms. A separate written agreement takes precedence where it conflicts with the public schedule, and compliance checks or unavailable payment rails can extend processing.