PANews reported on July 10 that Circle has quietly reached a revenue-sharing agreement with crypto exchange Bybit, according to CoinDesk, citing people familiar with the matter. While the details of the agreement with Bybit have not been made public, Circle's deals with exchanges such as Coinbase, and more recently with Binance, are all aimed at promoting the adoption of USDC by providing these platforms with a portion of Circle's reserve interest, as well as a one-time payment in the case of Binance. Circle's pre-IPO prospectus shows that Binance received an upfront fee of $60.25 million from Circle and continues to receive monthly incentives based on a percentage of the exchange's USDC balance. A person involved in the construction of cryptocurrency infrastructure revealed that Circle has reached such revenue-sharing agreements with several exchanges that hold large amounts of USDC, and said that "it can be assumed that any exchange that holds a large amount of USDC has an agreement with Circle."