Circle Doubles Down on Binance with $100 Million Investment

Circle has made significant investments to expand its partnership with Binance, the world's largest cryptocurrency exchange. As part of this deal, Circle paid a $100 million upfront fee and agreed to monthly incentive payments based on USDC holdings on Binance.

The agreement also includes a two-year restriction on selling, pledging, or hedging shares by Binance. The commercial agreement runs through September 2031, although either company can terminate it earlier under specified circumstances.

Binance's customer balances of USDC have grown from $1.5 billion in October 2024 to over $7.1 billion as of the latest reserve snapshot on Sept. 1. This represents a 376% increase, far outpacing the growth of total USDC supply.

Circle CEO Jeremy Allaire stated that the partnership will accelerate global and emerging market preference and adoption of USDC, expanding access to the internet financial system for hundreds of millions of people and businesses worldwide.