Limits & Settlement

Mint and redemption limits, fees and settlement timing for approved institutions.

Applies to approved institutions only.

Limits

Each approved institution has per-period mint and redeem limits, set per institution at onboarding and reviewed periodically. They protect the reserve's liquidity and the protocol's compliance controls.

Limits View

Period: the rolling window the limits apply to
Mint Limit: maximum USDC that can be deposited in the period
Redeem Limit: maximum USDest that can be redeemed in the period
Used / Remaining: consumption in the current period

Settlement

Case	Settlement
Mint	Immediate, in the same transaction
Redeem ≤ USDC buffer	Immediate, in the same transaction
Redeem > USDC buffer	After the tokenized T-bill fund settles its redemption, on the fund's own dealing cycle

Approved reserve funds must offer at least daily dealing, so redemptions above the immediate USDC buffer settle on the fund's published cycle rather than on a multi-day one. The USDC buffer is a protocol parameter (USDC_BUFFER_BPS), set to 5% at launch, so redemptions up to the buffer settle instantly in the same transaction.

Fees

Mint and redeem fees are protocol parameters (MINT_FEE_BPS, REDEEM_FEE_BPS), changeable only through the timelock. See Protocol Economics.