PANews reported on April 2 that, according to Nick Cannon citing information from Circle's submitted S-1 filing, Circle had paid a one-time fee of $60 million to Binance, under the condition that Binance must hold a minimum of $1.5 billion USDC. Additionally, the filing disclosed that Circle shares USDC revenue spread with Coinbase, signed a priority MOU with BlackRock, acquired Hashnote for $99.8 million, reported a net loss of $761 million in 2022, and is accruing $14.2 million in expenses due to a legal dispute with FT Partners.

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 protocol. Circle paid Binance a one-time fee of $60.25 million and will pay an annualized incentive fee of up to a high double-digit percentage based on the USDC balance on its platform and in its treasury. The condition is that Binance's treasury holdings must not be less than $1.5 billion USDC, and typically must maintain $3 billion. The cooperation period is two years, and if terminated early, there will be a one-year transition period to continue fulfilling certain obligations.