Circle’s current terms allow temporary issuer redemption delays during failed reserve rebalancing as it defends cross-border co-issuance under MiCA.
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Circle retains USDC’s commitment to exchange at par, but its documents provide for temporary delays if reserves cannot be rebalanced between Europe and the United States. The difference between the right to receive a dollar and the time of obtaining it could be imported to suppliers and holders of the European Economic Area during a stress episode.