In the grand tradition of Soviet-era backroom deals, it appears that Circle, the esteemed issuer of the USDC stablecoin, has been quietly forging revenue-sharing agreements with various cryptocurrency exchanges. Two knowledgeable sources, risking life and limb to reveal the truth, have informed us that Bybit, the world’s second-largest cryptocurrency exchange, has joined the ranks of Coinbase and Binance in this exclusive club.
- Circle, it seems, has a penchant for sharing its wealth with the right partners. Coinbase, that venerable institution, already receives 50% of the yield from the reserves backing USDC.
- Binance, that behemoth of the cryptocurrency world, has a similar arrangement, with a few extra perks thrown in for good measure.
- And now, Bybit joins the party, with details of the agreement shrouded in mystery, much like the inner workings of the Soviet Politburo.
As the stablecoin wars heat up, Circle finds itself sandwiched between the mighty Tether and a host of upstart challengers. USDC, with its nearly $62 billion in circulation, is a force to be reckoned with, but the competition is fierce. The likes of Global Dollar, backed by Robinhood, are nipping at its heels, with revenue-sharing agreements built into their very fabric.
A knowledgeable insider, speaking on condition of anonymity, revealed that Circle has similar agreements with multiple exchanges. “You should assume any exchange with a material amount of USDC has an agreement with Circle,” they said with a sly smile, reminiscent of a Soviet apparatchik.
Circle, ever the tight-lipped organization, declined to comment on these allegations. Bybit, too, remained mum, leaving us to wonder about the true nature of these clandestine agreements. Ah, the intrigue! 🤔
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2025-07-09 20:34