BlockBeats News, July 10th, according to sources familiar with the matter, Circle has quietly reached a revenue-sharing agreement with Bybit. As disclosed in Circle's IPO prospectus, the company has had similar cooperation arrangements with exchanges. For example, there has been a long-standing agreement between Circle and Coinbase: Coinbase can receive 50% of the interest income from USDC reserves, a arrangement that has driven widespread adoption of USDC in the industry.

Although the details of the agreement with Bybit have not been made public, similar agreements also include partnerships with Binance. Circle collaborates with these exchanges with the aim of distributing USDC reserve interest income to them, and in some cases even providing one-time payments to incentivize these platforms to promote the use of USDC.

Circle's prospectus reveals that Binance once received a one-time prepayment of up to $60.25 million from Circle, while also regularly earning revenue sharing linked to the SOFR rate based on the balance of USDC on their platform, with the percentage ranging from the median to the high single digits.

As the stablecoin market competition intensifies, Circle faces a dual challenge from established competitor Tether and several emerging projects. The current circulating supply of USDC is around $62 billion, while Tether's USDT leads by far with a supply of around $160 billion. Meanwhile, new projects like the Global Dollar (USDG) supported by Robinhood are also on the rise, attracting users through built-in revenue-sharing mechanisms.