Binance has bought $100 million of Circle stock and agreed a new five-year commercial partnership that commits the cryptocurrency exchange to promote and integrate Circle’s USDC stablecoin across its platform, with an emphasis on emerging markets.
The stock sale and commercial agreement closed on 17 September. Binance paid $80.84 a share for 1,237,011 Class A common shares in Circle, the company behind USDC. The purchase price was roughly 5% below Circle’s 17 September closing price of $85.09.
The investment gives Binance an equity interest in a company whose digital token is pegged 1:1 to the U.S. dollar. USDC has a total market capitalisation of roughly $75 billion. Binance is the world’s largest cryptocurrency exchange by trading volume.
The shares come with a two-year restriction. Binance cannot sell, transfer, pledge or hedge them during that period, although it will keep its voting rights throughout the lock-up. The restriction could end sooner if Binance terminates the commercial agreement under specified conditions. The terms of those conditions were not disclosed.
Circle will make monthly payments to Binance under the commercial deal. The fee will be calculated as a portion of USDC balances held through Circle’s Modular Smart Contract Wallet infrastructure service. The companies did not disclose the formula or the percentage used to calculate the payment.
The arrangement replaces agreements reached in November 2024 and August 2025. The 2024 agreement ran for two years and provided Binance with a $60.25 million upfront payment, alongside monthly fees linked to USDC balances. The latest deal adds direct share ownership and extends the commercial relationship for five years.
Binance’s promised promotional activity includes distribution of USDC across its exchange. The companies have placed particular emphasis on emerging markets, though they have not set out a full list of planned promotional measures.
Jeremy Allaire, Circle’s co-founder, chairman and chief executive, leads the stablecoin company. Richard Teng is co-chief executive of Binance. The announcement was made on Tuesday, 22 September 2026.
Circle has also received approval to establish a US national trust bank, expanding its regulatory footprint as it seeks wider use of USDC. The Binance agreement ties that effort to a platform with substantial trading reach, while Circle’s monthly payments retain the balance-based incentive that featured in the earlier partnership.
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