Binance has acquired a $100 million equity stake in Circle Internet Group, purchasing 1.24 million Class A shares at a discounted price of $80.84 each in a private placement closing September 17, 2026. Alongside the investment, the companies entered a five-year commercial agreement where Circle will pay Binance monthly incentive fees to promote the $75 billion USDC stablecoin. Binance faces a two-year lockup on selling or hedging the shares but retains full voting rights.
USDC promotion partnership terms
- ▪Under a five-year commercial agreement, Circle Internet Group will pay Binance a monthly incentive fee calculated as a percentage of USDC held through Circle's Modular Smart Contract Wallet infrastructure
- ▪Binance agreed to promote the USDC stablecoin on its platform, which includes integrating USDC into digital-asset products for savings and investment and offering lower spot trading fees on USDC-denominated trading pairs
- ▪The September 2026 agreement between Binance and Circle Internet Group supersedes and replaces their previous USDC partnership agreements signed in November 2024 and August 2025
Binance voting rights retained
- ▪Binance retains all shareholder voting rights on its 1,237,011 Class A shares of Circle Internet Group during the two-year transfer restriction period
- ▪The $80.84 per share purchase price paid by Binance reflected a discount to Circle Internet Group's market price, which closed at $94.49 on September 21, 2026
Circle USDC market position
- ▪Coinbase Global, which co-founded USDC, maintains a revenue-sharing agreement with Circle Internet Group where Coinbase earns 100% of the interest income from USDC held on its exchange
- ▪Circle Internet Group's USDC is the world's second-largest stablecoin, maintaining a market capitalization of approximately $75 billion
Debatable claims
- ▪Circle's partnership with Binance poses unacceptable regulatory risks
- ▪Crypto exchanges should not hold equity stakes in stablecoin issuers
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