PANews reported on April 2 that Nick Cannon cited information from the S-1 document submitted by Circle, saying that Circle had paid a one-time fee of $60 million to Binance, and as a condition, Binance was required to hold a minimum of $1.5 billion in USDC. In addition, the document also disclosed that Circle shared the USDC profit spread with Coinbase, signed a priority MOU with BlackRock, acquired Hashnote for $99.8 million, had a net loss of $761 million in 2022, and was setting aside $14.2 million in expenses due to a legal dispute with FT Partners.

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