USDC issuer Circle becomes shirt sponsor of Chelsea FC

Circle Internet, the issuer of USDC, the second-largest stablecoin, is becoming the new main shirt sponsor of Premier League club Chelsea FC. The USDC logo will appear on the front of the kit, a first for a crypto company in the Premier League. Chelsea will wear the new shirt for the first time on Sunday during the home match against Brighton and Hove Albion.

In brief:

• Circle Internet becomes the main sponsor on the Chelsea shirt, with the USDC logo on the front of the kit.
• It was previously reported that Chelsea was asking around £65 million per year for the sponsor spot, but the exact deal value has not been confirmed.
• This is the first time a crypto financial services provider is the main sponsor of a Premier League club.

A first for crypto in the Premier League

As SportsPro reports, this is the first time a crypto financial services provider has taken the main sponsorship spot on a Premier League club’s shirt. Crypto exchanges such as OKX and Kraken were previously active in English football, but only as sleeve sponsors. OKX sponsors Manchester City and Kraken sponsors Tottenham Hotspur. The OKX deal reportedly cost around $70 million per year in 2023.

Chelsea has left the sponsor spot open for three years. Earlier reports suggested the club was asking about £65 million, approximately $88.3 million, per year for the front-of-shirt spot. Circle has told CoinDesk it will not provide further details on the financial terms of the contract.

Regulator warned Premier League clubs earlier this year

The partnership comes at a time when the UK financial regulator FCA (Financial Conduct Authority) warned Premier League clubs in June about partnerships with unauthorised crypto companies. According to the regulator, such partnerships could violate financial promotion rules.

Circle, as the issuer of USDC, is one of the larger and more regulated parties within the crypto sector. Whether the FCA objects to this specific deal is not yet known. Chelsea plays the home match against Brighton on Sunday, when the new kit with the USDC logo will be seen for the first time in the Premier League.