Binance has invested $100 million in Circle Internet Group and entered a new five-year commercial agreement aimed at expanding the use of Circle’s USDC stablecoin, giving the crypto exchange a direct ownership interest in the company behind one of the world’s largest dollar-linked digital currencies.
Circle and Binance announced the expanded partnership on Sept. 22. Under the agreement, Binance will increase the promotion, integration and availability of USDC across its platform, with a particular focus on emerging markets, while Circle will continue providing infrastructure supporting the holding and use of USDC, according to Circle’s official announcement.
Binance separately confirmed the investment and five-year term, saying the partnership will concentrate on distributing USDC through its global platform while Circle provides the underlying infrastructure.
The $100 million investment was made through a private placement of Circle Class A common stock. Circle said the purchase price represented a 5% discount to its market price before the transaction closed. Binance also agreed not to transfer the shares for up to two years, subject to customary exceptions.
A Circle regulatory filing reviewed by Reuters provides more detail on the transaction. Circle issued about 1.24 million shares to Binance on Sept. 17 at $80.84 per share. Reuters reported that the commercial agreement can also be terminated early under specified circumstances.
At 1,237,011 shares multiplied by $80.84 per share, the disclosed transaction works out to approximately $100 million, consistent with the investment announced by both companies.
The important change is not that Circle and Binance are working together for the first time. They already had a significant USDC distribution relationship.
Circle’s earlier SEC prospectus describing its Binance arrangements shows that the companies entered into arrangements in November 2024 under which Binance promoted USDC and held part of its corporate treasury in the stablecoin. Circle disclosed that it paid Binance a $60.25 million upfront fee and agreed to monthly incentive payments tied to qualifying USDC balances.
Circle expanded that relationship again in August 2025 with a four-year arrangement covering USDC held through its Modular Smart Contract Wallet infrastructure. That agreement also included incentive payments linked to USDC balances.
The Sept. 22 announcement therefore marks a deeper relationship: Binance is no longer only a distribution partner receiving commercial incentives to promote USDC. It now also owns Circle shares, aligning part of its financial interest directly with Circle’s performance.
For Circle, the five-year agreement gives USDC continued access to Binance’s large international distribution network. For Binance, the investment creates exposure to Circle while extending its role in distributing USDC, particularly in markets where access to dollar-linked digital assets is part of the companies’ stated growth strategy.
Several financial details remain unresolved publicly. Circle and Binance did not disclose the complete economics of the renewed commercial agreement in their Sept. 22 announcements, including the size of any ongoing incentive payments. The actual effect on USDC balances, Circle revenue and Binance user adoption will depend on how the five-year partnership is implemented.
That makes future Circle regulatory filings and earnings reports the next important evidence for determining how much the expanded Binance relationship contributes to USDC distribution and Circle’s financial results.
