Binance Bolsters Circle Partnership with $100 Million Stake Purchase

Binance has significantly deepened its partnership with Circle through a $100 million equity investment and a five-year commercial agreement.

The deal, which was finalized on September 17, sees Binance purchasing approximately 1.24 million Circle shares at $80.84 per share, valuing the stake at around $100 million.

The expanded partnership includes Binance promoting USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, on its platform and Circle paying Binance a monthly incentive fee.

Circle's shares have risen 19% year-to-date, giving the company a market valuation of about $24 billion.