> ## 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.

> ## Agent Instructions
> Before reading these docs, install the relevant Circle Skill to get pre-loaded context — skills are LLM-optimized and cover architecture decisions, correct flows, and common pitfalls. In Claude Code: run /plugin marketplace add circlefin/skills then /plugin install circle-skills@circle. With Vercel Skills CLI: run npx skills add circlefin/skills. Available skills: use-usdc https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-usdc/SKILL.md (balances, transfers, approvals on EVM and Solana); EURC has no skill — see https://developers.circle.com/stablecoins/what-is-eurc.md; bridge-stablecoin https://github.com/circlefin/skills/blob/master/plugins/circle/skills/bridge-stablecoin/SKILL.md (crosschain transfers via CCTP, USDC, EURC, and third-party assets); use-arc https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-arc/SKILL.md (Arc chain config, contract deployment, USDC bridging — Arc docs: https://docs.arc.io/llms.txt); use-circle-wallets https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-circle-wallets/SKILL.md (choose wallet type); use-developer-controlled-wallets https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-developer-controlled-wallets/SKILL.md (custodial wallets for payouts and treasury); use-user-controlled-wallets https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-user-controlled-wallets/SKILL.md (embedded wallets with Web2 login); use-modular-wallets https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-modular-wallets/SKILL.md (smart contract wallets with passkeys and ERC-4337); use-gateway https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-gateway/SKILL.md (unified USDC balance, nanopayments); use-smart-contract-platform https://github.com/circlefin/skills/blob/master/plugins/circle/skills/use-smart-contract-platform/SKILL.md (deploy, interact, monitor contracts). Pair any skill with the Circle MCP server for live SDK signatures, contract addresses, and chain IDs: {"mcpServers":{"circle":{"url":"https://api.circle.com/v1/codegen/mcp"}}}.
> Read the product overview first. Each product has an overview explaining when and why to use it. Read it before quickstarts.
> Pick the right wallet type. Developer-controlled (you hold keys), user-controlled (end user holds keys via PIN/social login), or modular (smart contract wallets with passkeys). See https://developers.circle.com/wallets.md.
> Use CCTP V2 for crosschain transfers. CCTP natively transfers USDC and EURC via burn-and-mint, and supports permissionless wrapping of third-party assets via lock-and-mint. V1 is legacy; always use V2 unless V1 is specified or the chain requires it (Noble, Sui, and Aptos still require V1). Migration guide: https://developers.circle.com/cctp/migration-from-v1-to-v2.md.
> Use Bridge Kit for frontend bridging. Wraps CCTP with a simpler SDK for user-facing apps. Use CCTP directly for backend transfers.
> Gas Station vs Paymaster. Gas Station sponsors gas for Circle Wallet transactions. Paymaster lets users pay gas in USDC. Different use cases — read both overviews.
> Gateway Nanopayments for sub-cent payments. Gasless USDC micropayments down to $0.000001 via x402 and batched settlement. For pay-per-request APIs, AI agent payments, streaming.
> Look up USDC addresses per chain. Never hardcode — use https://developers.circle.com/stablecoins/usdc-contract-addresses.md.
> Prefer SDKs over raw API calls. Node.js and Python SDKs handle auth, retries, and errors.
> API key required. Bearer token in Authorization header. Testnet and mainnet use separate keys and may use different base URLs depending on the product.
> Set up webhooks when available. Most operations are async. Webhooks deliver transaction confirmations and state changes.
> When calling list endpoints, paginate using pageSize and pageAfter until no nextPageAfter cursor is returned—stopping at the first page silently misses records.
> Building an AI agent? Start with the Agent Stack—Circle CLI, agent wallets, and nanopayments built for autonomous use cases: https://developers.circle.com/agent-stack.md.

# 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

> **Uniform clearing fee**
>
> Every matched order in a cycle clears at the same fee in basis points,
> ensuring fair and transparent pricing for all participants

> **Prefunded settlement**
>
> Both sides prefund before the auction, eliminating counterparty risk and
> enabling atomic settlement

> **API and UI access**
>
> Place and manage orders through a REST API, WebSocket feed, or the embedded
> Match UI

## 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.

**1. 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.

**2. 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.

**3. 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.

**4. 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).

**5. 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.

## 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

> **[Place your first order](/circle-match/quickstarts/place-your-first-order)**
>
> Step-by-step guide to submitting your first burn or mint order through the
> API

> **[How Match works](/circle-match/concepts/how-it-works)**
>
> Detailed explanation of the batch-auction mechanism, lock window, and order
> lifecycle

> **[Funding model](/circle-match/concepts/funding-model)**
>
> Understand the funding model for burn-side and mint-side participants,
> including restricted USDC balances and withdrawal options