Crypto
Home›Crypto›Stablecoins›Circle’s USDC becomes Chelsea FC’s main Premier League…
Circle’s USDC becomes Chelsea FC’s main Premier League shirt sponsor
Chelsea’s USDC-branded kit will debut in the club’s first home Premier League match of the season, against Brighton and Hove Albion on Sunday.
Circle Internet, the issuer of the USDC stablecoin, is set to become Chelsea FC’s new main shirt sponsor for the Premier League. Financial terms were not disclosed, though earlier reporting suggested Chelsea had been targeting about 65 million pounds per year, or $88.3 million, for the front-of-shirt sponsorship slot.
The sponsorship is described as a first for a cryptocurrency financial services firm to appear as the principal shirt sponsor of a Premier League club. Chelsea’s new USDC-branded kit is expected to debut in the team’s first home game of the Premier League season on Sunday against Brighton and Hove Albion, according to CoinDesk.
CoinDesk also notes the U.K.’s Financial Conduct Authority has previously warned Premier League clubs about partnerships with unauthorized crypto firms, saying such deals could breach financial promotion rules. Circle is authorized by the FCA through an e-money license it acquired in 2016, the outlet added.
CoinDesk further points out that other crypto brands have held Premier League sponsorship roles before, including OKX and Kraken as sleeve sponsors for Manchester City and Tottenham Hotspur, respectively. It adds that OKX’s deal was reported to cost $70 million per year in 2023, while Kraken’s terms were not disclosed.