According to two people familiar with the matter, US-listed Stablecoin issuer Circle has quietly arranged a revenue sharing agreement with Bybit, the world’s second largest cryptocurrency exchange.
Climbed to the competition between the larger competitors and the new Stablecoins, Circle shares a 50% yield on reserves that support its USD USDC Stablecoin with Crypto Exchange Coinbase, a long-standing arrangement that helps USDC breed across the industry.
Although the details of the bybit arrangement are unclear, transactions between circles (CRCL) Communicate with Coinbase (coin)Moreover, the recent binance is rewarding these platforms by a portion of the interest earned in the Circle reserves and making a one-time payment at Binance to facilitate USDC adoption.
boundary Pre-IPO filing It was revealed that binance received an expected fee of $60.25 million from Circle and continued to receive monthly incentives based on the exchange’s USDC balance percentage. According to the document, this ranges from medium times to high digits of fixed SOFR chain rate.
Competition in the Stablecoin space is heating up. Circle’s USDC is currently offering close to $62 billion, while Tether’s USDT supply is the largest, with a maximum of $160 billion. Chasing these two giants is new projects like Robinby support Global USD
there is income sharing among participants who promote adoption.
One person involved in the cryptocurrency infrastructure said Circle has entered into revenue-sharing agreements with many exchanges.
“You should assume that any exchange with a significant amount of USDC has an agreement with Circle,” the person said.
A circle representative said the company was unable to comment. Bybitt declined to comment.
