Stablecoin issuer Circle Internet Group (NYSE: $CRCL) has struck a sponsorship deal with the popular British Premier League soccer team Chelsea.
The deal, reportedly worth $88 million U.S. per year, will see Circle's USDC stablecoin (CRYPTO: $USDC) added to the front of the jerseys worn by Chelsea soccer players.
Chelsea's front-of-shirt sponsorship slot has been vacant for three years and the team was looking for a hefty payday for the highly visible real estate on its players' jerseys.
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Media reports say Chelsea will debut its new USDC-branded uniforms at its first home game of the Premier League season on Aug. 30.
The deal represents the first time that a cryptocurrency firm's branding will appear as the principal shirt sponsor of a Premier League team.
Other crypto firms, such as OKX and Kraken, have been less visible sleeve sponsors of Premier League teams Manchester City and the Tottenham Hotspurs.
The U.K.'s Financial Conduct Authority (FCA) warned Premier League teams earlier this year about partnerships with unauthorized crypto firms, saying such partnerships could be illegal.
However, as a publicly traded company, Circle Internet Group meets the criteria set out by the FCA and is not in violation of any Premier League rules.
CRCL stock has declined 30% over the last 12 months to trade at $92.14 U.S. per share.