“The USDC Stablcoin Issuer – Circle – has concluded a profit distribution agreement with BYBIT cryptocurrency. At the same time, Fintech-Giant Ant Group is preparing to integrate the asset into its own blockchain platform. BYBIT partnership terms remain confidential. According to Coindesk sources, similar arrangements are part of the CIRCLE strategy for USDC promotion. The company shares interest income from reserves with exchanges by stimulating growth […]”, – WRITE: Businessua.com.ua
The USDC Stablcoin Issuer – Circle – has concluded a profit distribution agreement with BYBIT cryptocurrency. At the same time Fintech-giant Ant Group is preparing to integrate an asset in own blockchain platform.
The terms of the agreement remain confidential. According to Coindesk sources, similar arrangements are part of the CIRCLE strategy for USDC promotion. The company shares the interest income from reserves with exchanges, stimulating the increase in the use of steiblcoin.
Similar schemes are valid on Coinbase, where Circle transmits 50% of income, and Binance received a one -time payment of $ 60.25 million and monthly payments. The amount depends on the USDC volume on the balance sheet and tied to the rate Sofr.
It is reported that Circle has several active income distribution agreements with trading platforms.
Again with Ant Group Collaboration with Ant Group will open USDC access to the company’s global payment infrastructure. The Ant International Unit plans to use an asset in treasury operations and transgranic payments.
Integration is implemented after receiving the appropriate regulatory status in the United States. The exact terms have not yet been declared.
Last year, Ant cultivated more than $ 1 trillion transactions, one -third of which passed through blockchain. According to Bloomberg, Ant International has also applied for licenses for working with steiblcoins in Singapore and Hong Kong.
“Summer Stablcoins” Circle Partnerships with Bybit and Ant Group occur against the background of increasing interest in the industry – Grayscale analysts call the current period “Summer Stablcoins”. Visa estimates that the monthly transaction volume in this sector reaches $ 800 billion.
Source: GrayScale, Visa.
Positive dynamics accompanies Circle itself: after IPO Company (CRCL) has increased from $ 31 to $ 181 by the end of June.
The USDC market capitalization is $ 62.5 billion, while the main competitor – USDT from Tether – this figure exceeds $ 158 billion.
Data: Coingcko.
In addition, on June 17, the US Senate approved the Genius Act Bill, which forms a regulatory framework for steiblcoins. The document defines the requirements for reserves, procedures AML and audit.
We will remind, Circle has also applied for a trust bank license in the United States.
Circle surpassed its own USDC stablcoin by capitalization
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