What is USDC and why do Circle sponsor Chelsea?

Very few Chelsea fans will know what USDC is or who is behind it.

The reaction to the announced partnership last month was largely one of relief from supporters after Chelsea had started a fourth consecutive season without a front-of-shirt sponsor in place.

That was largely because the club stuck to its £50m valuation before eventually agreeing a deal with Circle Internet Group.

However, the agreement is currently for one season only and has also prompted questions about whether USDC - a regulated stablecoin designed to maintain parity with the US dollar - or parent company Circle as a cryptocurrency business, are suitable partners for the club.

Speaking to BBC Sport, Circle chief commercial officer Kash Razzaghi said while it uses the same blockchain technology that underpins cryptocurrencies, USDC is not a type where people "speculate and hope to get rich quick".

On the sponsorship deal with Chelsea, he added: "This is something we hadn't done before and we wanted to ease into it in a way that allowed us to understand what success looks like.

"But the intention absolutely is for it to be long term."

Referring to what made Chelsea attractive, Razzaghi added: "The places around the world that need digital dollars the most tend to be emerging markets in Latin America, Africa, South-East Asia and the Middle East.

"When you think about Chelsea, and the fanbase and reach it has in those regions, the partnership made a lot of sense for us."