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USDC can be used as a settlement currency, effectively allowing it to be used as a quote currency on existing USD order books. This enables you to trade using USDC while accessing the deep liquidity of Prime’s USD order books.

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Tradable Products

All USD product pairs (e.g. BTC-USD, ETH-USD, SOL-USD, etc.) are eligible for USDC settlement. This means that USDC can be substituted as the settlement currency in either direction:
  • Buy + USDC: Spend USDC to buy the base asset (e.g. spend USDC to buy BTC)
  • Sell + USDC: Sell the base asset and receive USDC (e.g. sell BTC and receive USDC)

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Using USDC Settlement

When creating an order via REST, you can specify USDC as the settlement currency by including settl_currency=USDC in your order request. This forces a product like BTC-USD to be effectively treated as BTC-USDC while still using the BTC-USD order book’s existing liquidity. Coinbase handles the USD to USDC conversion in parallel with order placement, which means there is no added latency to your order execution.

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REST API

When creating an order via the REST API, include the settl_currency parameter: 
from prime_sdk.credentials import Credentials
from prime_sdk.client import Client
from prime_sdk.services.orders import OrdersService, CreateOrderRequest
from prime_sdk.enums import OrderSide, OrderType
import uuid

credentials = Credentials.from_env("PRIME_CREDENTIALS")
client = Client(credentials)
orders_service = OrdersService(client)

request = CreateOrderRequest(
    portfolio_id="PORTFOLIO_ID_HERE",
    product_id="ETH-USD",
    side=OrderSide.BUY,
    type=OrderType.MARKET,
    base_quantity="0.1",
    settl_currency="USDC",  # Settle in USDC instead of USD
    client_order_id=str(uuid.uuid4()),
)

response = orders_service.create_order(request)

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FIX Protocol

USDC settlement is also supported via FIX using tag 120 (SettlCurrency). Include this tag in your New Order Single message to specify USDC as the settlement currency.

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Tracking USDC Settlement Orders

When retrieving order details, you’ll receive additional fields to help reconcile USDC vs USD orders:
  • REST API: The client_product_id field is included in the order response
  • FIX: The SettlCurrency field is included in the Execution Report (ER)
  • WebSocket: The settl_currency field is included in order updates
These fields are the key identifiers you must use to reconcile orders settled in USDC versus those settled in USD.

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REST API Response Example

When retrieving an order that was settled in USDC, the response will include the client_product_id field showing the USDC pair. For example, an order on ETH-USD with USDC settlement will show client_product_id as “ETH-USDC”: 
{
   "id": "uuid",
   "user_id": "uuid",
   "portfolio_id": "uuid",
   "product_id": "ETH-USD",
   "side": "BUY",
   "client_order_id": "uuid",
   "type": "LIMIT",
   "base_quantity": "1",
   "quote_value": "",
   "limit_price": "4290",
   "start_time": null,
   "expiry_time": null,
   "status": "FILLED",
   "time_in_force": "GOOD_UNTIL_CANCELLED",
   "created_at": "2025-08-21T23:56:40.671979Z",
   "filled_quantity": "1",
   "filled_value": "4224.51",
   "average_filled_price": "4224.5150007111",
   "commission": "10.56",
   "exchange_fee": "",
   "historical_pov": "",
   "stop_price": "",
   "net_average_filled_price": "4235.07",
   "user_context": "",
   "client_product_id": "ETH-USDC",
   "post_only": false,
   "order_edit_history": [],
   "is_raise_exact": false,
   "display_size": "",
   "edit_history": [],
   "display_quote_size": "",
   "display_base_size": ""
}
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