Circle's USDC becomes the main sponsor of Chelsea's jersey, setting a precedent in the Premier League

The stablecoin USDC issuer Circle has become the new main shirt sponsor of Premier League club Chelsea, marking the first time a cryptocurrency financial services company's brand appears in the main sponsorship position of a Premier League club. The two parties did not disclose the financial terms, but reports earlier this year indicated that Chelsea set a target price of £65 million (approximately $88.3 million) per year for this sponsorship position.

Chelsea will wear the new jerseys featuring the USDC logo for the first time in their home match against Brighton on Sunday. Previously, cryptocurrency exchanges like OKX and Kraken served as sleeve sponsors for Manchester City and Tottenham Hotspur, respectively, but the main sponsorship position had never been occupied by a cryptocurrency company before.

In June of this year, the UK's Financial Conduct Authority (FCA) warned Premier League clubs that collaborating with unauthorized cryptocurrency companies could violate financial promotion rules. Circle is authorized by the FCA through an electronic money license obtained in 2016, which has facilitated this collaboration.