Circle, the issuer of the USDC stablecoin, has entered into a revenue-sharing agreement with cryptocurrency exchange Bybit. At the same time, fintech giant Ant Group is preparing to integrate USDC into its own blockchain platform. Bybit Partnership The terms of the deal with Bybit have not been disclosed. However, such agreements are part of Circle's broader strategy to promote USDC adoption. The company shares a portion of the interest income from its reserves with partner platforms, incentivizing these exchanges to increase the use of USDC. Circle has similar arrangements with other major exchanges. For example, it shares 50% of the income from USDC-secured reserves with Coinbase. Binance received a one-time payment of $60.25 million, and monthly payments continue to be made. These payments depend on the USDC balance held on the exchange and are tied to the SOFR rate. According to sources, Circle maintains revenue-sharing agreements with several trading platforms to further drive USDC’s utility. Ant Group Collaboration The partnership with Ant Group will open up access for USDC to the company’s global payment infrastructure. Ant International plans to implement the stablecoin for treasury transactions and cross-border payments. The integration will take place after USDC receives the necessary regulatory status in the U.S.; the exact timeline has not yet been determined. Last year, Ant processed more than $1 trillion in transactions, a third of which went through its blockchain. According to reports, Ant International is also applying for licenses to operate stablecoins in Singapore and Hong Kong. Stablecoin Sector Momentum These moves come amid rising interest in the stablecoin sector, which analysts at Grayscale have dubbed the ”summer of stablecoins.” Visa estimates that the monthly volume of transactions using such assets reaches $800 billion. Circle itself has seen notable success. After its IPO, Circle’s (CRCL) shares rose from $31 to $181 by the end of June. USDC has a capitalization of $62.5 billion, while its main competitor, Tether’s USDT, stands at $158 billion. Additionally, on June 17, the U.S. Senate passed the GENIUS Act, which creates a legal framework for stablecoins. The legislation establishes requirements for reserves, anti-money laundering procedures, and auditing.
