Binance buys $100 million Circle stake in five-year USDC promotion deal
Summary
Binance invested $100 million in Circle through a private placement of 1.24 million shares at $80.84 each. The purchase accompanied a five-year partnership under which Binance will promote USDC, while Circle pays monthly incentives tied to USDC held through its wallet service. Binance may vote the shares but generally cannot sell, transfer or hedge them for two years, subject to exceptions. The new agreement replaces earlier arrangements and can be ended early under specified conditions.
