Binance Invests $100 Million in Circle to Boost Global USDC Expansion
Circle Internet Financial Ltd., the issuer of the stablecoin USDC, has secured a $100 million investment from Binance, the world's largest cryptocurrency exchange. The five-year deal will see USDC promoted on Binance's platform in exchange for Circle paying Binance a monthly incentive fee tied to USDC balances.
The agreement marks a significant push by Circle to expand its flagship product beyond its historically U.S.-focused base and compete more directly with Tether, the largest stablecoin issuer. Under the terms of the deal, Binance will also purchase $100 million worth of Circle shares at $80.84 each, subject to a lockup period of up to two years.
Circle CEO Jeremy Allaire said in a statement that the partnership with Binance would help expand dollar access and support savings and investment through innovative digital asset products. He added that the company sees 'incredible opportunities' to leverage USDC to reach people and businesses throughout global emerging markets.