Circle, the Stablecoin issuer that quotes in the United States, has silently organized an income exchange agreement with Bybit, the second largest cryptocurrency exchange in the world, according to two people with knowledge of the agreement.
Circle, which is interspersed in competition between the largest rival layer and a growing harvest of new stable, shares 50% of the yield of reserves that support its USDC Stablecoin, a US Dolle with USDC with exchange crypt, a long data agreement that has helped proliferate the USDC throughout the industry.
Although the details of the disposition of Bybit are unknown, agreements between Circle (CRCL) and exchanges like coinbase (COIN)And more recently Binance must encourage the adoption of the USDC by rewarding these platforms with a part of the interest in Circle reserves and unique payments in case of Binance.
The present presentation to the OPI of Circle revealed that Binance received an initial rate of $ 60.25 million of Circle, and continues to receive a monthly incentive based on the percentage of USDC balances in the exchange. This varies from the percentage of average to high digits of two digits from a rate linked to fixed SOF, according to the presentation.
The competition in the Stablecoin space is heating. The Circle USDC is currently at about $ 62 billion in circulation, while Tether’s USDT has the largest supply for some margin of approximately $ 160 billion. Chasing the two giants are the new projects such as the global dollar backed by Robinhood
which has an exchange of income among the participants incorporated to boost adoption.
A person involved in cryptocurrency infrastructure said Circle has income exchange agreements with a series of exchanges.
“You must assume that any exchange that has a material amount of USDC has an agreement with Circle,” said the person.
A Circle representative said the company was not available to comment. Bybit declined to comment.
