Customers interested in withdrawing USDC from Poloniex and redeeming the corresponding amount of US Dollars also need an account with the Circle USDC service. Once a Circle USDC account is in place, customers can go to the “Transfer USDC In” option to obtain the public Ethereum address associated with their account. They can then withdraw USDC tokens from their Poloniex account to that address.

Note that redeeming USDC also requires registering and verifying a bank account with the service. The verification involves successfully completing a first bank wire transfer into the service (effectively tokenizing the associated US dollars) from a bank account owned by the customer. This process can take up to a few business days depending on where your bank is located, so make sure that you plan for it in advance in case you require timely access to your US Dollar funds.

When a bank account is successfully verified and the customer has transferred USDC tokens into their account, they can select the “Redeem USDC” option and choose the amount of USDC they want to cash out to their bank account. Note that Circle currently charges a fee for USDC redemptions (check the complete fee schedule here). The Circle USDC service aims to process redemptions within one business day, but after that it is difficult to predict how long it takes for the bank wire transfer to reach the customer’s bank account (once, again this varies from a few hours to a few business days depending on where the funds are being sent).