According to BlockBeats, on April 2nd, according to the IPO S-1 filing submitted by stablecoin issuer Circle to the US Securities and Exchange Commission (SEC), Binance became the first approved participant under the stablecoin ecosystem agreement in November 2024. According to the cooperation agreement, Binance is required to promote USDC on its platform and hold a certain amount of USDC in its fiscal reserves.
Circle has paid a one-time prepaid fee of $60.25 million to Binance and agreed to pay monthly incentive fees based on Binance's USDC balance. The incentive fee will only be paid when Binance holds at least 1.5 billion USDC, and Binance has committed to holding 3 billion USDC (with exceptions in certain circumstances).
This cooperation is divided into two parts: market promotion and fiscal reserves, both of which are for a period of two years. If Binance terminates the marketing agreement in advance, it still needs to fulfill one year of reduced fee payment and promotion obligations. Both parties may terminate the agreement in advance under specific circumstances.
