USDC/ EURC redemption structure




Circle regularly evaluates its redemption structure for USDC and EURC as we continue to expand our banking infrastructure and support customer needs. 

Beginning March 15, 2026, we are updating the Circle Mint redemption fee structure. These changes preserve the fast, reliable fiat access customers depend on. Existing Mint customers will be subject to the new fee structure at the start of the designated billing period on or after March 15.

What changes

A monthly net flow adjustment will apply across applicable tiers:

  • Customers demonstrating net minting activity in the Institutional tier may qualify for redemption fee credits.

  • Sustained net redemption activity above defined thresholds in the Basic or Institutional tiers may incur incremental fees.

What is not changing

  • Processing and settlement mechanics remain unchanged.

  • Core access to Circle Mint and fiat redemption rails remains the same.

 

Redemption Structure - Beginning March 15, 2026

Basic

Standard

Institutional

Daily Fee

None

5 bps on net redemption

$2M/day free

5 bps on gross redemption

Net Redemption Overage

First $40M → No additional fee


$40M–$100M → 2 bps redemption fee (applies only to that portion)


Above $100M → 5 bps redemption fee (applies only to that portion)*

N/A

First $40M → No additional fee


$40M–$100M → +2 bps


Above $100M → +5 bps

Net Mint Redemption Credit

No

N/A

Tier 1: Net mint ≤ $40M → 25% credit



Tier 2: $40M–$100M → 75% credit


Tier 3: Above $100M → 100% credit

Commercial Daily Limits

No

$10M gross

No

Processing**

Up to two business days

Near-instant

Near-instant

* Indicates new and/or changed from the current public tier.

You can switch your redemption structure by contacting Customer Care. Our team is available 24/7 to assist you. 

 

Important Notice for Circle European Economic Area Customers (EEA) in the Basic Tier:

  • Customers should refer to the table above for full pricing.
  • If you prefer not to use Circle Mint Account services, redemptions are also available outside of Circle Mint via the Circle MiCA Redemption Policy.

 

Customers using the Core API for Institutions 


Customers using Core API for Institutions will have sub-accounts within their Circle Mint account, each representing mint/redemption activity for a specific end customer. Credits and overages are calculated at the sub-account level and settled by Circle with the customer at the end of the month - to be passed on to their end customers. Institutional pricing applies to all sub-accounts.

Important balance rule

USDC redemptions and fees can only be deducted from your USDC balance. EURC redemptions and fees can only be deducted from your EURC balance.

 

Frequently Asked Questions

 

What is the updated redemption fee structure?

Beginning March 15, 2026, the Circle Mint redemption structure:

  • Migrates customers to the Institutional tier.

  • Reduces the Standard tier daily gross redemption limit to $10M.

  • Introduces a Monthly Net Redemption Adjustment.

  • Introduces Net Mint Redemption Credit for Institutional customers who are net minters.

Customers may continue to choose between Basic, Standard, and Institutional tiers based on their needs.

 

Are tiers changing?

The only change is for customers who migrate to Institutional.

 

What is the Net Redemption Overage Fee?

If net redemptions do not exceed $40M, no overage fee applies.

If a Basic or Institutional customer redeems significantly more than they mint during a 30-day month, an incremental fee applies to the portion of net redemptions above $40M:

  • First $40M → No additional fee

  • $40M–$100M → +2 bps

  • Above $100M → +5 bps

 

What is the Net Mint Redemption Credit?

Institutional customers who mint more than they redeem during a month may receive a credit on redemption fees paid:

  • Net mint ≤ $40M → 25% credit

  • $40M–$100M → 75% credit

  • Above $100M → 100% credit

Credits are capped at redemption fees paid during that period,are not guaranteed, and depend on net minting activity.

 

How is the monthly billing period calculated?

Circle calculates a fixed evaluation window, starting on the same day of each month.

Net minting position is defined as:

  • Net minting position = gross mints – gross redemptions.

  • If the result is negative (net redemption), the overage fee may apply.
    If positive (net mint), Institutional customers may qualify for a credit.

 

What changed for Basic customers?

  • The Net Redemption Overage Fee now applies if net redemptions exceed $40M during the evaluation window.

 

What changed for Standard customers?

  • The daily gross redemption limit is reduced from $25M to $10M.

 

What changed for Institutional customers?

  • The Net Redemption Overage Fee now applies if net redemption exceeds $40M.

  • The Net Mint Redemption Credit now applies if net mint exceeds $0.

 

Why is Circle implementing this update?

Circle regularly evaluates its redemption structure to:

  • Align incentives around sustainable usage

  • Preserve fast and reliable fiat access

 

When does the updated structure take effect?

  • The updated structure takes effect March 15, 2026.

  • Monthly net redemption adjustments will first be reflected after the initial monthly evaluation window closes.

 

Will invoices show the adjustment?

Yes. Net Redemption Overage fees and Net Mint Redemption Credits will appear as separate line items.

 

What fees and credits apply?

There are three types of fees/credits that a customer can accrue:

1) Daily Redemption Base Fees

Customers may be charged one of the following daily fees depending on their tier:

  • Redemption Tier Base Fee: accrued each day, but billed monthly.

    • Standard Tier Daily Redemption Fee based on net daily redemption amount above $2M net.

    • Institutional Tier Daily Redemption Fee based on gross daily redemption amount.

2)  Net Mint Redemption Credit 

  • A monthly credit as a percentage of the base redemption fee for customers who net mint during the billing period.

    • Applies to Institutional tier customers only.

3) Net Redemption Overage

  • A monthly surcharge if net redemptions exceed $40 million during the billing period.

    • Applies to Institutional and Basic tier customers.

 

How are fees calculated?

Daily fees are calculated each day. Customers can track their estimated daily fees based on their mint and redemption activity via UI and APIs.

 

How does the Net Mint Redemption Credit work?

For customers with a Net Mint Redemption Credit, we:

  • Calculate total redemption fees.

  • Calculate credit percentage based on the net minting activity. 

  • Credit the percentage of redemption fees back against the total redemption fees.

  • Deduct only the final balance, if any, on the fourth calendar day of the month following the close of billing period.

Example

  • Institutional tier gross redemption fees: $1M

  • Net mint activity of $5M over the billing period qualifies for 25% redemption credits (e.g., $250,000 credit)

  • Final amount deducted:
    $1,000,000 (redemption fee) – $250,000 (credit) = $750,000

  • The customer is charged only the net amount.

 

How does the Net Redemption Overage fee work?

If a customer exceeds the $40M net redemption threshold:

The customer will see two separate deductions.

  1. The base redemption fee

  2. The redemption overage fee

These will be processed separately on the fourth calendar day of the month following the close of billing period.

 

When are fees, credits, and invoices processed? 

All fees, credits, and invoices are processed on the fourth business day of the month following the end of a billing cycle.

This follows the same schedule as the current redemption fee invoicing process.

Example

  • Billing cycle: April 8 – May 7, 2026

  • Invoice date and fee deduction date: June 4, 2026

If you have additional questions about your tier, fees, or how to estimate charges, please contact customer-support@circle.com.

 

What if a customer doesn't have sufficient funds to cover fees?

  • Fees will be deducted once sufficient funds are available. The customer will be unable to receive the credits for activity until fees are paid. 

  • Nonpayment of fees 30 days past due may result in restricted redemption access.

 

Can a customer switch tiers?

Yes. Tier changes are available by contacting customer-support@circle.com.

Can a customer be moved to a new tier immediately?

New tier changes will be effective on the following day (USDC=12pm ET, EURC=12pm CET).

 

Is the daily free redemption threshold combined across USDC and EURC?
No. The daily free redemption threshold is calculated per currency, not combined across USDC and EURC. For example, eligible customers may redeem up to $2 million in USDC and up to €2 million in EURC per day without a daily redemption base fee, based on the applicable daily net or gross redemption calculation for their tier.

 

When does the daily redemption calculation reset?

The daily redemption calculation resets at the following times for all accounts, regardless of redemption tier: 
USDC: 12pm ET
EURC: 12pm GMT + 2

Are credits guaranteed?

No. Net Mint Redemption Credits depend on net minting activity during the monthly window and cannot exceed redemption fees paid in that period.

 

Are processing speeds changing?

No. Settlement timing may vary based on transaction method and banking rails.