USDC balances on Binance have nearly quintupled since Circle’s first deal with the exchange. Circle is paying heavily for that reach. It paid Binance $60.25 million upfront under the original agreement, while distribution costs now equal about 61% of reserve income. The new five-year deal keeps the relationship going, but the latest incentive rate is undisclosed. https://cryptoslate.com/circle-pays-millions-for-binance-distribution-while-its-margins-collapse/