Binance Invests Heavily in Circle Partnership
Binance has made a $100 million equity investment in Circle Internet Group, Inc., and expanded its strategic partnership to promote USDC across its global platform.
The five-year partnership aims to increase access to dollar stablecoins, particularly in emerging markets. Under the agreement, Binance will promote USDC globally while Circle provides infrastructure services for holding and using the digital currency.
Binance purchased $100 million worth of Circle Class A common stock through a private placement at a price reflecting a 5% discount to the market price before closing. Richard Teng, co-CEO of Binance, said 'Circle has earned its place as one of the most credible issuers in the world spanning USDC, Arc and the infrastructure reshaping how value moves across borders.'
Jeremy Allaire, Co-founder, Chairman and CEO of Circle, stated that together they 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.'