What limits and settlement times are conversions subject to?
Settlement times for most Paxos transactions are instant. However, you might see some variances depending on asset pairs and size of transactions. The following transactions may take more than 1 business day (T+1) to settle:
PYUSD to USDG: Transactions exceeding $100MM may take up to T+1 business days.
USD to USDG: Transactions exceeding $12MM may take up to T+1 business days.
USDC to USDG: Any transaction may take up to T+1 or more business days.
USDL to USDC: Any transaction, but especially >$1M, may take up to T+1 or more business days.
USDC to PYUSD: Transactions of $250K and above may take up to T+1 business days.
USDC - Conversion FAQ
Conversion Limits & Timeframes
Conversions out of USDC (e.g. USDC to USDG, USDC to PYUSD, etc.) under $100k will typically settle instantly but this is dependent on liquidity and thus not guaranteed.
There is also a maximum conversion size of 5,000,000 USDC. Any conversions larger than this amount will not be processed. You will need to withdraw the funds and resubmit the transfer for less than 5,000,000 USDC.
I deposited USDC to the platform. Why can't I convert it to another stable?
If you wish to convert USDC to another stablecoin (e.g. USDG, PYUSD, etc.), you must generate instructions using our Convert flow.
USDC deposited using instructions generated via the Deposit flow are currently ineligible to be converted to other stablecoins.
If your account is already funded with USDC and you wish to convert it to another stablecoin, we recommend doing the following to convert your USDC:
- Withdraw the deposited USDC to an off-platform wallet;
- Create a "Convert" instruction via the Dashboard, specifying the relevant source and destination details;
- To withdraw to an external address, you'll need to save a destination wallet address first.
- Send in the USDC to the address specified in your Convert instructions;
- Desired stablecoin will land in your specified Paxos profile or external address.
We are actively working on improving our messaging around the restrictions surrounding converting USDC deposits into other Paxos stables.