Binance Snaps Up $100M in Circle Shares to Promote USDC

Binance has purchased $100 million worth of Circle shares as part of a five-year promotion deal for the USDC stablecoin. The private placement, which closed on September 17, saw Binance acquire 1.24 million Class A shares at $80.84 each.

The price reflected a discount to Circle's market value before the sale, according to Circle.

Under the expanded partnership, Circle will pay Binance monthly incentives tied to USDC holdings, while Binance will promote the stablecoin on its platform.