Circle's Expands Beyond Coinbase, Binance Partnerships, Strikes Deal With Bybit

Stablecoin issuer Circle CRCL has reportedly struck a revenue-sharing agreement with Bybit, the world's second-largest crypto exchange, as part of its ongoing effort to expand the reach of its U.S. dollar-pegged USDC USDC/USD token, according to sources familiar with the deal.

While details of the arrangement remain undisclosed, it mirrors previous deals Circle has structured with other major exchanges like Coinbase COIN and Binance, where platforms receive a portion of the yield generated from the reserves backing USDC, Coindesk reported.

These incentives are designed to encourage broader adoption of the stablecoin in a market that is becoming increasingly competitive.

Circle currently offers 50% of its USDC reserve yield to Coinbase, a long-standing arrangement that has helped make USDC one of the most widely integrated stablecoins.

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Its filing ahead of its IPO also revealed that Binance had received a $60.25 million up-front payment from Circle, and continues to receive monthly payments based on the amount of USDC held on the platform, structured as a fixed SOFR-linked rate that can reach double digits.

USDC's total supply stands at around $62 billion, significantly behind Tether's USDT/USD, which remains the market leader with roughly $160 billion in circulation.

The stablecoin sector has also seen new entrants, such as Robinhood's Global Dollar USDG, which is attempting to differentiate itself by building revenue sharing directly into its token economics.

According to a person familiar with infrastructure deals in the industry, these types of arrangements are more widespread than publicly disclosed.

"You should assume any exchange that has some material amount of USDC has an agreement with Circle," the source said.

Both Circle and Bybit declined to comment on the matter.

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