Crypto
Binance Buys $100M Stake in Circle, Expands Partnership
Circle, the issuer of USDC, has sold a $100 million stake to Binance. The deal deepens the partnership between Circle and Binance.
The shares were sold at a price of $80.84 per share on September 17. As part of the expanded commercial arrangement, Circle will pay Binance a monthly incentive fee.
Under the terms of the agreement, either party can terminate it early if certain conditions are met. The partnership has a five-year term, and Binance has agreed to promote USDC on its platform.