According to the document, Circle has established partnerships with Coinbase, Binance, BlackRock and other partners to promote the circulation and ecological development of USDC. In the agreement with Coinbase, Circle sets the payment base based on the daily net income of USDC reserves. After deducting management fees, 0.1% to 2% is retained by the issuer, and the remaining portion is distributed according to the platform's coin holding ratio, with 50% of the remaining payment base paid to Coinbase. The cooperation with Binance began in November 2024, with Circle paying a prepayment of $60.25 million and issuing incentive fees based on the balance of USDC held on its platform and quarterly adjusted interest rates. The agreement with BlackRock requires Circle to allocate at least 90% of its non bank dollar reserves to the products it manages, while BlackRock promises to prioritize the use of USDC and not issue competitive stablecoins. In 2024, Circle's revenue was $1.7 billion, net revenue was $156 million, and adjusted EBITDA was $285 million.