Sky.money reported more than $4.4 billion of stablecoin liquidity in its Peg Stability Module in an Oct. 9 explanation. The module converts USDS and USDC at a one-for-one rate, but a USDS exit depends on the USDC inventory available when the transaction occurs. Receiving USDC completes only the token-conversion step, not a payment of bank dollars. Circle's separate redemption route for eligible European Economic Area retail holders requires identity and transaction checks and an EEA bank account that accepts USD. Circle's policy provides a five-business-day timeframe unless discrepancies arise and permits deferrals during certain stress events.