Binance has invested $100 million in Circle Internet Group and signed a new five-year commercial agreement to promote USDC, with a focus on emerging markets, Circle announced on Sept. 22.
According to Circle's 8-K filing , the deal was signed and closed on Sept. 17. Binance bought 1,237,011 Class A shares in a private placement at $80.84 each, a 5% discount to CRCL's closing price of $85.09 that day. Binance is barred from selling or hedging the shares until the earlier of two years after closing or its termination of the commercial arrangement.
The filing also sets out the economics running the other way. Circle will pay Binance "a monthly incentive fee representing a percentage of the amount of USDC held" through Circle's wallet service, and Binance has agreed to promote USDC on its platform. Circle said Binance will step up promotion and integration of USDC, particularly in emerging markets, while Circle provides the underlying infrastructure.
"A stable, trusted digital dollar should not be a privilege – it should be available to anyone with a phone," Binance co-CEO Richard Teng said in the release. Circle CEO Jeremy Allaire said the companies see opportunities to use USDC "to expand dollar access, support savings and investment with innovative digital asset products."
The agreement renews an arrangement that dates to late 2024. Circle disclosed in its IPO prospectus that it paid Binance a one-time $60.25 million fee in November 2024, alongside monthly incentives linked to USDC balances on Binance's platform. Payments of this kind weigh heavily on Circle's results. The company reported $701 million in total revenue and reserve income for the second quarter of 2026 against $412 million in distribution, transaction and other costs, most of which went to Coinbase.
Circle shares had already risen ahead of the announcement, climbing from $85.09 on Sept. 17 to close at $94.49 on Sept. 21, according to Stock Analysis data. The stock traded as high as $97.56 on Sept. 22 before closing up 0.11% at $94.59, about 17% above the price Binance paid. USDC's circulating supply stands at roughly $75.3 billion, per CoinGecko .
The announcement landed on the same day Bloomberg reported that U.S. prosecutors are investigating Binance over possible Iran sanctions violations. Neither company's disclosures address that probe. The 8-K says both sides can terminate the commercial agreements early "upon the occurrence of certain specified events," without spelling out what those events are.