Circle, the US-listed StableCoin issuer, has quietly arranged an income-sharing agreement with Bybit, the world’s second largest cryptocurrency exchange, according to two people with knowledge of the event.
Circle, squeezed in competition between larger rival binder and a growing crop of new stableecoins, shares 50% of the yields from reserves supporting its US Dollar-Pegged USDC StableCecoin with Crypto Exchange Coinbase, a long-term arrangement that has helped proliferere USDC throughout the industry.
Although details of the city bait event are unknown, it appoints between circle (CRCL) and exchanges like coinbase (COIN)And recently Binance, promote the adoption of USDC by rewarding these platforms with some of the interest rates on Circle’s reserves and disposable payments in the event of Binance.
Circle’s filing before IPO revealed that Binance received a $ 60.25 million forking fee from Circle, and continues to receive a monthly incentive based on the percentage of USDC balance on the stock exchange. This ranges from the middle to high-double-digit percentage of a fixed sofar-bound rate, according to archiving.
Competition in the StableCOin room is heated. Circle’s USDC is currently at almost $ 62 billion in circulation, while Tether’s USDT has the largest supply of some margin of approx. $ 160 billion. To chase the two giants are the new projects such as the Robinhood-backed Global Dollar
which has revenue sharing among participants built in to run adoption.
A person involved in cryptocurrency infrastructure said that Circle has revenue sharing agreements with a number of exchanges.
“You have to assume any exchange that has a certain amount of USDC has an agreement with Circle,” the person said.
A circular representative said the company was not available for comment. BYBIT refused to comment.
