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Where each one sits in a pool’s life

  • Drawdown. Circle Mint converts USDC to fiat so the originator can lend it.
  • Collections. Circle Mint supplies the institutional account behind controlled collections — the account the originator can see but cannot empty.
  • Funding. Gateway lets an investor fund a pool on either chain from one USDC balance, with CCTP as the rail beneath it.
Circle Mint is also where the structure crosses from code into law. Once cash is in a bank account, protection depends on a trustee and a legal system, not a contract. See the honest limit.

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On the roadmap, not yet in use

StableFX is what would eventually relax the dollar-denominated receivables requirement. Today, local-currency invoices mean somebody carries the currency risk, and hedging it costs 4–5% a year — which breaks the economics for everyone.