Institutions can now enjoy near real-time issuance and redemption of USD Coin (USDC).
To make it easier for Circle customers to issue and redeem USDC, we have joined
the Silvergate Exchange Network (SEN) offered by Silvergate Bank, a leading provider of
innovative financial services to institutional participants in the cryptocurrency industry.
What is the Silvergate Exchange Network (SEN)?
SEN enables Silvergate Bank's digital currency and institutional investor clients to send US Dollars 24 hours a day, 7 days a week, 365 days a year between between eligible and connected Silvergate SEN bank accounts. This can be done via Silvergate’s API or online banking portal, enabling near real-time transfers and immediate availability of funds.
How do institutions get started using SEN for USDC?
You must have a USDC account with Circle. In order to participate in SEN, you need to maintain a banking relationship with Silvergate Bank. If you are an existing Silvergate customer, please contact your Silvergate Account Manager and request that they link your account to the USDC SEN account.
If you are NOT a Silvergate customer, click here to begin the online onboarding process. Mention
Circle in the reference section and Silvergate will expedite your online application.
What is the cost of using SEN?
There are no SEN-specific fees. Normal bank charges and fees may apply depending on the activity that is being conducted. Please contact your Silvergate representative for additional fee-related information.
What are the advantages of using SEN over bank wires to purchase and redeem USDC?
Bank wire transfers may take several hours to complete and are restricted to banking business hours. With SEN and USDC, you can achieve boundless movement of fiat in minutes, 24/7, for free.
What are the turnaround times for purchasing USDC using SEN?
The SEN network offers near instantaneous transfers. Our automated system checks for transfer settlements in short intervals and initiates the minting of required USDC tokens which depends on Ethereum network confirmations. Thus, you can expect 45 minutes turnarounds from initiating a SEN transfer to having USDC tokens ready for use, and these times can get even faster over time.
What are the turnaround times for redeeming USDC using SEN?
You should expect redeeming USDC to be completed in under 15 minutes end-to-end.