Binance Takes $100M Stake in Circle Amid Expanded Partnership

Binance has significantly deepened its ties with Circle, the issuer of the popular USDC stablecoin. The cryptocurrency exchange purchased a $100 million stake in Circle at $80.84 per share, according to a regulatory filing.

The deal comes as part of an expanded commercial arrangement between the two companies, which includes a five-year term and provisions for Binance to promote USDC on its platform.

Circle shares have been gaining momentum this year, with a 19% increase in value so far, bringing the company's market capitalization to around $24 billion.