Circle Expands USDC via Strategic Partnerships with Major Crypto Exchanges
Circle Internet Group continues to strengthen its position in the stablecoin market through strategic partnerships that expand USDC accessibility and adoption. The company has recently announced a partnership with OKX on July 9, 2025, while sources reveal a separate revenue-sharing agreement with Bybit, the world’s second-largest cryptocurrency exchange.
These partnerships represent a significant expansion of Circle’s collaborative approach to USDC distribution, following similar agreements with industry giants Coinbase and Binance. The deals demonstrate Circle’s commitment to deepening liquidity and driving global adoption of its USD-pegged stablecoin.
USDC Partnership with OKX Enhances Global Liquidity
Circle’s official partnership with OKX focuses on deepening liquidity for both USD-to-USDC and USDC-to-USD conversions, making the stablecoin more accessible to OKX’s 60+ million global customers. The collaboration goes beyond basic integration, incorporating educational programs and technical improvements to enhance the user experience.
OKX Founder and CEO Star Xu positioned the partnership as delivering “increased liquidity and access” to USDC while improving platform user experience and accelerating stablecoin adoption in everyday finance. This partnership builds upon OKX’s existing banking relationships with Standard Chartered Bank, DBS, and Bank Frick, providing the infrastructure needed to support large-volume conversions.
The technical integration allows users to seamlessly convert between USD and USDC at a 1:1 ratio, eliminating traditional conversion fees and reducing friction in stablecoin transactions. This development significantly enhances USDC’s utility for institutional and retail users on the OKX platform.
Bybit Revenue-Sharing Agreement Mirrors Proven Strategy
Circle has quietly established a revenue-sharing agreement with Bybit, similar to its existing arrangement where it shares 50% of the yield from reserves backing USDC with Coinbase. The company previously revealed details about a revenue-sharing arrangement with Binance in its pre-IPO filing, establishing a pattern of strategic partnerships with major exchanges.
While the details of the Bybit deal have not been publicly disclosed, industry insiders suggest it is structured similarly to Circle’s previous revenue-sharing models with other major platforms. This approach incentivizes exchanges to promote USDC adoption by providing a direct financial stake in the stablecoin’s success.
The revenue-sharing model has proven effective in driving USDC adoption across partner platforms. The agreement with Coinbase has represented one of the most significant steps for Circle, with the exchange receiving 50% of yields generated from USDC reserves, creating a constant revenue stream that incentivizes platform support.
Strategic Impact on USDC Market Position
These partnerships come at a crucial time for Circle, which continues to compete in the competitive stablecoin market. In the first quarter of 2025, Circle’s reserve-based revenue surged by 55% year-over-year, reaching $557 million, demonstrating the financial benefits of maintaining elevated interest rates on USDC reserves.
The expansion strategy through exchange partnerships allows Circle to tap into the massive user bases of major trading platforms without directly competing with them. Instead, the company creates mutually beneficial relationships that drive organic growth and increase USDC’s market penetration.
Both partnerships contribute to Circle’s broader objective of establishing USDC as the preferred stablecoin for international transactions, trading, and everyday financial activities. By partnering with exchanges that serve different geographical markets and user segments, Circle diversifies its distribution channels and reduces dependency on any single platform.
Conclusion
Circle’s partnership strategy demonstrates a sophisticated understanding of the cryptocurrency ecosystem, where collaboration often yields better results than competition. By sharing revenue with key distribution partners, the company aligns incentives and creates sustainable growth mechanisms.
The success of these partnerships will likely influence Circle’s future expansion plans, potentially leading to similar agreements with other major exchanges and financial institutions. As regulatory frameworks for stablecoins continue to develop, Circle’s established partnerships position the company advantageously for continued growth and market leadership.
