Withdrawals
So Lenders can manage cash flows, withdrawals will be serviced every day the US banking system is open. US banks are closed at weekends and during holidays. Withdrawals must be requested 24 hours ahead of time, and no later than 14:59 Eastern Time. That way funds will be available to withdraw the next business day between 15:00 and 06:00 Eastern Time.
How long does it take for withdrawals to process?
Withdrawals process the next business day, every day the US banking system is open. US banks are closed at weekends and during holidays. Withdrawals are processed on US banking days between 15:00 - 06:00 Eastern Time.
How are next day withdrawals possible?
The borrower has constructed a portfolio of assets which can be redeemed or liquidated within 24-hours notice to process Lender withdrawals. The borrower will actively manage pool liquidity – this includes monitoring upcoming withdrawal requests, ongoing deposits, and near-term loan maturities, and making early loan repayments as necessary to satisfy Lender withdrawals.
Withdrawals are subject to proper market functioning, and the proper functioning of USDC. If there is not sufficient liquidity in the pool to service all withdrawal requests, those eligible to withdraw in that cycle will receive prorated share of the available proceeds and have the remaining funds requested for withdrawal moved to the very next withdrawal window.
What are the steps to withdraw?
Withdrawing is a two-step process:
- 1.Request to withdraw
From the Lender Dashboard, Lenders should select ‘Withdraw Funds’, input USDC amount, and follow the transaction steps on screen.
To plan when to schedule your withdrawal, reference the following table.
Schedule Withdrawal | Withdrawal window open | Withdrawal window close |
|---|---|---|
Saturday at 3:00pm ET - Sunday at 2:59pm ET | Monday at 3:00pm ET | Tuesday at 6:00am ET |
Sunday at 3:00pm ET - Monday at 2:59pm ET | Tuesday at 3:00pm ET | Wednesday at 6:00am ET |
Monday at 3:00pm ET - Tuesday at 2:59pm ET | Wednesday at 3:00pm ET | Thursday at 6:00am ET |
Tuesday at 3:00pm ET - Wednesday at 2:59pm ET | Thursday at 3:00pm ET | Friday at 6:00am ET |
Wednesday at 3:00pm ET - Thursday at 2:59pm ET | Friday at 3:00pm ET | Saturday at 6:00am ET |
Withdrawals will only be serviced on US banking days. Please schedule your withdrawal after Saturday at 2:59 PM ET. | - | - |
- 2.Process withdrawal
To withdraw, Lenders need to return to the Lender Dashboard during the ‘withdrawal window’ which is between 15:00 - 06:00 Eastern Time the next business day. To process a withdrawal, Lenders should select ‘Withdraw USDC’ on the Pool Details page and follow the transaction steps on screen.
In the instance that a Lender does not return to the Lender Dashboard to complete the withdrawal during the withdrawal window, the withdrawal request will be cancelled and the position reallocated to the pool to continue earning interest.
Last modified 4d ago