Binance Invests $100M in Circle for USDC Expansion
Binance has invested US$100 million in Circle as part of a new five-year agreement to promote and use the USDC stablecoin. The deal expands on an existing partnership between the two companies, with Binance committing to expand the use of USDC across its global platform.
Under the terms of the agreement, Binance purchased US$100 million worth of Circle Class A common stock at a price reflecting a 5% discount to Circle's market price. This investment is in addition to Circle providing the infrastructure needed to support the holding and use of USDC on Binance.
Circle CEO Jeremy Allaire said that together, Binance and Circle see 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.