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BackChelsea FC's Circle USDC Sponsorship Raises Regulatory Questions
Chelsea FC's Circle USDC Sponsorship Raises Regulatory Questions
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SCMP Sport53 minutes agoSports1 min readChina

Chelsea FC's Circle USDC Sponsorship Raises Regulatory Questions

Chelsea signed a deal with Circle for the 2026-27 season despite warnings from financial regulators regarding unregulated stablecoins.

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Chelsea signed a deal with Circle to feature its USDC stablecoin on player jerseys for the 2026-27 season, raising regulatory questions after warnings from the UK's FCA and Hong Kong authorities regarding unlicensed stablecoins.

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Why It Matters

Chelsea signed a jersey sponsorship deal with Circle for the 2026-27 season following FCA warnings about crypto partnerships.

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Chelsea signed the deal with Circle to feature its USDC stablecoin brand on player jerseys for the 2026-27 season in late August, just three months after the UK’s Financial Conduct Authority (FCA) warned Premier League clubs about partnering with unauthorised crypto and finance businesses.

Circle’s UK arm, Circle UK Trading, is an FCA-regulated company providing certain financial services. But USDC is not issued or regulated under the laws of the United Kingdom, nor is it distributed by a licensed stablecoin issuer in Hong Kong.

Only two stablecoin issuers are currently licensed in Hong Kong – Anchorpoint Financial Limited and HSBC.

Ahead of the enactment of the Stablecoins Ordinance on August 1, 2025, the Hong Kong Monetary Authority (HKMA) warned on its website that “it will be illegal for any person to … actively market the issue of unlicensed [fiat-referenced stablecoins] to the public”.

Winnie Choi, a Chelsea fan of 12 years, was among those worried about breaking the law.

“After looking up the law, I still do not understand whether it is a problem to wear the jersey,” she said.

Open Questions

  • Will fans face legal issues for wearing the sponsored jerseys in Hong Kong?
  • How will Chelsea respond to the regulatory concerns?

Related Topics

chelsea
PeopleWinnie Choi
OrganizationsChelseaCircleFinancial Conduct AuthorityCircle UK Trading
PlacesUnited KingdomHong Kong
Topicscircleusdccryptofcahkmapremier league
This article was originally published by SCMP Sport.

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