On April 2, according to the IPO S-1 document submitted by stablecoin issuer Circle to the U.S. Securities and Exchange Commission (SEC), CEX has become the first approved participant under the stablecoin ecosystem protocol in November 2024. According to the cooperation agreement, CEX is required to promote USDC on its platform and maintain a certain amount of USDC in its financial reserves. Circle paid CEX a one-time upfront fee of 60.25 million USD and agreed to pay monthly incentive fees based on the USDC balance held by CEX. Incentive fees are only paid when CEX holds at least 1.5 billion USDC, and CEX commits to holding 3 billion USDC (with exceptions in specific cases). The cooperation is divided into two parts: market promotion and financial reserves, both for a duration of two years. If CEX prematurely terminates the market promotion agreement, it is still required to fulfill one year of reduced rate payments and promotion obligations. Both parties may terminate the agreement early under specific circumstances.
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Circle previously paid CEX $60.25 million to establish a two-year USDC promotion and holdings collaboration.
On April 2, according to the IPO S-1 document submitted by stablecoin issuer Circle to the U.S. Securities and Exchange Commission (SEC), CEX has become the first approved participant under the stablecoin ecosystem protocol in November 2024. According to the cooperation agreement, CEX is required to promote USDC on its platform and maintain a certain amount of USDC in its financial reserves. Circle paid CEX a one-time upfront fee of 60.25 million USD and agreed to pay monthly incentive fees based on the USDC balance held by CEX. Incentive fees are only paid when CEX holds at least 1.5 billion USDC, and CEX commits to holding 3 billion USDC (with exceptions in specific cases). The cooperation is divided into two parts: market promotion and financial reserves, both for a duration of two years. If CEX prematurely terminates the market promotion agreement, it is still required to fulfill one year of reduced rate payments and promotion obligations. Both parties may terminate the agreement early under specific circumstances.