Binance Lands $100M Stake in Circle as USDC Partnership Deepens
Binance has taken a $100 million stake in Circle through a private placement of 1,237,011 Class A shares at $80.84 each. This deal closed on September 17 and marks a significant development in the partnership between Binance and Circle.
Under a separate five-year agreement, Circle will pay Binance a monthly fee as a percentage of the USDC held through its Modular Smart Contract Wallet infrastructure service. In return, Binance has agreed to promote the stablecoin on its platform.
This is not the first time Binance and Circle have collaborated. The two companies have been working together for over a year, with Binance making USDC available across its products and holding it in its corporate treasury.
Binance cannot sell or hedge the shares for up to two years but retains all shareholder rights, including voting power.