Binance Delves Deeper into USDC Partnership with $100M Circle Investment
Binance, the world's largest crypto exchange by trading volume, has invested US$100 million in Circle Internet Group, the issuer of the popular stablecoin USDC.
The investment is part of a five-year commercial agreement between Binance and Circle that aims to expand the use of USDC on emerging markets. The partnership also includes a private placement where Circle issued 1,237,011 Class A common shares to Binance at US$80.84 per share, with Binance agreeing not to transfer the shares for two years from the closing of the transaction.
Binance Co-CEO Richard Teng stated that the investment reflects long-term confidence in Circle and the expanded use of dollar stablecoins, saying 'Stable and trusted digital dollars should not be a privilege, but available to anyone with a phone.'