Circle's S-1 filing reveals a $60M payment to Binance and a minimum $USDC holding requirement.

According to Nick Cannon, citing information from Circle's S-1 filing, Circle paid Binance a one-time fee of $60 million, on the condition that Binance maintain a minimum holding of $1.5 billion in USDC.

The S-1 filing shows that in November 2024, Circle reached an agreement with Binance, making Binance the first approved participant under the stablecoin ecosystem agreement. Circle paid Binance a one-time fee of $60.25 million and an annualized mid-to-high double-digit percentage incentive fee based on the $USDC balance on its platform and in its treasury. This was contingent on Binance holding no less than $1.5 billion $USDC in its treasury, and generally maintaining $3 billion. The cooperation period is two years, with a one-year transition period to continue fulfilling some obligations if terminated early.

The filing also discloses that Circle shares $USDC revenue spreads with Coinbase, has signed a priority MOU with BlackRock, acquired Hashnote for $99.8 million, had a net loss of $761 million in 2022, and is accruing $14.2 million in expenses due to a legal dispute with FT Partners.