Circle Has USDC Revenue Sharing Deal With Second-Largest Crypto Exchange ByBit: Sources
2025-07-09 17:55:13
Main Idea
Circle has a revenue-sharing agreement with Bybit, the second-largest crypto exchange, similar to its deals with Coinbase and Binance, to promote the adoption of its USDC stablecoin.
Key Points
1. Circle's pre-IPO filing revealed a revenue-sharing arrangement with Binance, including an up-front fee of $60.25 million and monthly incentives based on USDC balances.
2. Circle shares 50% of the yield from reserves backing USDC with exchanges like Coinbase and Binance to foster adoption.
3. Bybit's agreement with Circle follows a similar model, though specific details are undisclosed.
4. USDC's circulation stands at nearly $62 billion, while Tether's USDT leads with about $160 billion.
5. Competition in the stablecoin space is intensifying, with new projects like the Robinhood-backed Global Dollar emerging.
Description
Circle, the U.S.-listed stablecoin issuer, has quietly arranged a revenue sharing agreement with Bybit, the world’s second-largest cryptocurrency exchange, according to two people with knowledge of the arrangement. Circle, which is sandwiched in competition between larger rival Tether and a growing crop of new stablecoins, shares 50% of the yield from reserves backing its U.S. dollar-pegged USDC stablecoin with crypto exchange Coinbase, a long-standing arrangement that has helped proliferate USD...
Latest News
- Bitcoin Tops $111K, on Brink of Breaking Record High; Ether's 6% Jump Leads Major Cryptos2025-07-09 20:44:48
- Cathie Wood's ARK: Bitcoin's Bullish Momentum Slows as Long-Term Holder Stacks Hit Record2025-07-09 19:37:32
- Bitcoin Cash Holds Above $500 After Volume-Driven Morning Rally2025-07-09 18:41:49
- Monad Acquires Portal Labs to Expand Stablecoin Payments on High-Speed Blockchain2025-07-09 18:41:31
- Solana ETFs See $78M Inflows as Interest in Altcoin Investment Products Grows2025-07-09 18:41:16