Circle S-1 document disclosure: paid $60 million to Binance and set USDC minimum holding requirements

PANews reported on April 2 that according to Nick Cannon citing the S-1 document submitted by Circle, Circle had paid Binance a one-time fee of $60 million, which Binance would need to hold a minimum of $1.5 billion USD. In addition, the document also disclosed that Circle shared USDC earnings spreads with Coinbase, signed priority MOU with BlackRock, acquired Hashnote for $99.8 million, had a net loss of $761 million in 2022, and was making up for $14.2 million in expenditure due to a legal dispute with FT Partners.

The S-1 file shows that in November 2024, Circle reached an agreement with Binance, and Binance became the first approved participant under the stablecoin ecosystem agreement. Circle pays Binance a one-time fee of $60.25 million and pays annualized mid-to-high double-digit percentage incentive fees based on USDC balances in its platform and vaults. The premise is that Binance Vault holds no less than US$1.5 billion and usually needs to maintain US$3 billion. The cooperation period is two years. If it is terminated early, some obligations will continue to be implemented in one year's transition period.