Circle S-1 file reveals payment of $60 million to Binance and setting minimum USDC position requirement According to Nick Cannon's reference to the S-1 document submitted by Circle, Circle had paid a one-time fee of $60 million to Binance as a condition for Binance to hold a minimum of $1.5 billion in USDC. The S-1 document shows that in November 2024, Circle reached an agreement with Binance, making Binance the first approved participant under the stablecoin ecosystem protocol. Circle paid a one-time fee of $60.25 million to Binance and an annualized incentive fee of medium to high double-digit percentage based on the USDC balance in its platform and vault. The premise is that the Binance Treasury holds no less than $1.5 billion USDC and typically needs to maintain $3 billion. The cooperation period is two years. If terminated early, there will be a one-year transition period to continue fulfilling some obligations. In addition, the document also disclosed that Circle shares USDC profit spreads with Coinbase, signs a priority MOU with BlackRock, acquires Hashnote for $99.8 million, incurs a net loss of $761 million in 2022, and is setting aside $14.2 million in expenses due to a legal dispute with FT Partners.