Binance Puts $100 Million into Circle to Fuel USDC Growth

Binance has made a significant investment in Circle, a fintech company that issues USD Coin (USDC), by purchasing $100 million worth of shares. The deal was announced on September 17 and is subject to transfer restrictions until at least two years from then.

The funds will be used to support the growth of USDC, which is a stablecoin pegged to the US dollar. Binance has partnered with Circle for several years, and this investment represents their long-term commitment to expanding USDC's use case.

Circle's CEO Jeremy Allaire said that the company sees 'incredible opportunities' to leverage USDC to expand access to the dollar.