Circle’s USDC takes over Chelsea’s jersey in Premier League first sponsorship deal

Circle Internet CRCL$93.45·At close, the issuer of the world’s second-largest stablecoin $USDC, is the new main shirt sponsor of Premier League soccer club Chelsea FC.

Financial terms for the deal have not been disclosed, though reports earlier this year suggested Chelsea was targeting 65 million pounds per year ($88.3 million) for the front-of-shirt sponsorship slot, which has been vacant for three years. Circle declined to provide any further comment when contacted by CoinDesk.

Chelsea will debut its new $USDC-branded kit in its first home game of the Premier League season on Sunday against Brighton and Hove Albion.

The deal represents the first time a cryptocurrency financial services firm’s branding will appear as the principal shirt sponsor of a Premier League club. Crypto exchanges like OKX and Kraken have previously led this space, becoming the sleeve sponsors of Manchester City and Tottenham Hotspur respectively in recent years.

Kraken did not disclose the terms of their deal either, but OKX’s was reported to cost the exchange $70 million per year in 2023.

The U.K.’s Financial Conduct Authority (FCA) warned Premier League clubs about partnerships with unauthorized crypto firms in June, advising that such partnerships could breach financial promotion rules.

Circle is authorized by the FCA via an e-money license, which it acquired back in 2016.