Circle Has USDC Revenue Sharing Deal With Second-Largest Crypto Exchange ByBit: Sources
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 USDC across the industry.
Although details of the Bybit arrangement are unknown, deals between Circle (CRCL) and exchanges like Coinbase (COIN), and more recently Binance, are to foster adoption of USDC by rewarding these platforms with a portion…
