Binance invests $100M in Circle, signs 5-year USDC agreement

Binance has made a $100 million equity investment in Circle Internet Group, Inc. (NYSE: CRCL) and the two companies have signed a five-year commercial agreement focused on expanding USDC access across emerging markets, according to a press release from Circle.

The investment was structured as a private placement of Circle's Class A common stock at a purchase price reflecting a 5% discount to the market price of CRCL prior to closing. Binance has agreed not to transfer the shares for up to two years from the closing date, subject to customary exceptions.

Under the commercial agreement, Binance will promote and integrate USDC on its platform, with a focus on emerging markets. Circle will provide infrastructure services to support holding and using USDC.

Jeremy Allaire, co-founder, chairman and CEO of Circle, said the partnership aims to "expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets."

Richard Teng, co-CEO of Binance, called the investment and five-year commitment a representation of "long-duration conviction," adding that "a stable, trusted digital dollar should not be a privilege — it should be available to anyone with a phone."

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