Circle has formed a USDC revenue-sharing deal with Bybit, the world’s second-largest crypto exchange. Under the agreement, Bybit will receive a portion of the interest generated from USDC reserves held in U.S. Treasury securities. This mirrors Circle’s previous arrangements with Coinbase and Binance, where exchanges benefit financially for holding and promoting USDC. The deal is part of Circle’s broader strategy to drive USDC adoption and enhance exchange partnerships ahead of its anticipated IPO. With USDC’s circulation at $62 billion, compared to Tether’s $160 billion, these incentives aim to strengthen its market position and boost usage across global crypto platforms.