Circle · Tether · CNBC Technology
Circle lands $100 million from Binance to ramp up global USDC expansion
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Binance is investing $100 million in stablecoin issuer Circle as part of a five-year deal calling for the world's largest crypto exchange to promote Circle's flagship USDC on its platform.
Key facts
- USDT remains larger, with roughly $183 billion in circulation versus about $75 billion for USDC, according to CryptoQuant, and has a strong international trading presence
- Aligning its financial interests with USDC growth, Binance agreed to buy $100 million of Circle shares at $80.84 each, subject to a lockup of as long as two years, with some exceptions
- Circle's USDC and Tether's USDT stablecoins aim to serve as digital versions of the U.S. dollar, keeping a stable 1-to-1 value with the dollar, but have taken different paths to win users
- Binance is investing $100 million in stablecoin issuer Circle as part of a five-year deal calling for the world's largest crypto exchange to promote Circle's flagship USDC on its platform
Summary
The agreement signals a push to expand USDC beyond its historically U.S.-focused base and compete more directly with stablecoin giant Tether in international crypto markets. Aligning its financial interests with USDC growth, Binance agreed to buy $100 million of Circle shares at $80.84 each, subject to a lockup of as long as two years, with some exceptions. "Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet's largest financial super app, and becoming the most widely used wallets in the world for dollar stablecoins," Circle CEO Jeremy Allaire said in a statement.