Binance buys $100 million stake in Circle, expands partnership
Circle expanded its USDC partnership with Binance and launched Bitcoin-backed borrowing for institutions, with 1.24 million shares sold in the private placement.
- Circle launched Digital Asset-Backed Borrowing for institutional clients on Monday, allowing eligible customers to deposit Bitcoin and mint cirBTC to borrow USDC through third-party lending markets on Arc or Ethereum.
- The service follows Circle's Arc mainnet public launch on September 16, where the protocol operates a USDC market using cirBTC as collateral with an 86% liquidation loan-to-value threshold.
- Separately, Binance purchased a $100 million stake in Circle, acquiring roughly 1.24 million shares at $80.84 per share in an unregistered private placement that closed on September 17.
- The investment accompanies a five-year commercial agreement replacing prior deals, under which Circle pays Binance monthly incentive fees to promote USDC adoption across the exchange's platform.
- These moves expand distribution of USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, as Circle continues building institutional payment infrastructure and global partnerships.
46 Articles
46 Articles
Binance invests $100 million in Circle in major push to expand USDC globally - Tech Startups
Binance is investing $100 million in Circle under a new five-year agreement that could put USDC in front of one of the world’s largest crypto audiences, giving Circle a major distribution boost as it tries to close the gap with […] The post Binance invests $100 million in Circle in major push to expand USDC globally first appeared on Tech Startups.
Binance takes $100M stake in Circle under expanded USDC deal
Circle sold Binance $100 million in stock and agreed to pay monthly incentives under an expanded five-year partnership promoting USDC. Binance has invested $100 million in stablecoin issuer Circle as part of an expanded five-year agreement to promote USDC on the crypto exchange. Circle issued Binance 1,237,011 shares of its Class A common stock at […]
Binance buys $100 million stake in Circle, expands partnership
Sept 22 : Circle said on Tuesday that Binance has purchased a $100 million stake in the stablecoin issuer, deepening the crypto exchange's ties with the company behind USDC, a major dollar-pegged token.Circle shares were last up nearly 2 per cent in premarket trading. Here are more details: •
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