Binance Invests $100 Million in Circle, Renews USDC Partnership

Binance, the global cryptocurrency exchange, has invested $100 million in Circle Internet Group, Inc. (NYSE: CRCL), a leading stablecoin issuer. The investment is part of a renewed five-year partnership between the two companies to promote the use of USDC, a US dollar-backed stablecoin, across Binance's global platform.

The expanded agreement will focus on increasing the use of USDC, particularly in emerging markets. As part of the partnership, Binance will promote USDC across its global platform, while Circle will provide infrastructure services to support the holding and use of USDC.

Binance purchased $100 million worth of Circle Class A common stock through a private placement, at a price reflecting a 5% discount to Circle's market price prior to the closing of the transaction. This investment gives Binance an ownership interest in Circle, deepening its commercial relationship with the USDC issuer.

Richard Teng, co-CEO of Binance, said, 'Our $100 million investment and five-year commitment represent long-duration conviction... A stable, trusted digital dollar should not be a privilege, it should be available to anyone with a phone. That's the future this partnership is designed to deliver.'

Jeremy Allaire, co-founder, chairman and CEO of Circle, said, 'Together, we see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets.'