Circle Internet Financial has entered into a revenue-sharing agreement with Bybit, the world’s second-largest cryptocurrency exchange, according to people familiar with the arrangement. The deal will allow Bybit to receive a portion of the interest that Circle earns on the reserves backing USD Coin, its $62 billion dollar-pegged stablecoin. Financial details were not disclosed. Circle already splits 50 percent of its reserve yield with Coinbase, a partnership credited with accelerating USDC’s use across trading platforms. A regulatory filing for Circle’s pending U.S. listing also showed Binance received a $60.25 million upfront payment and ongoing incentives tied to USDC balances after it adopted the token last year. The Bybit accord underscores intensifying competition in the stablecoin market, where Circle trails Tether’s $160 billion USDT and faces new entrants offering profit-sharing features. Industry executives say most exchanges holding significant USDC balances now have similar arrangements with Circle as it seeks to expand the coin’s footprint ahead of its planned initial public offering.