Binance has bought a $100 million equity stake in Circle, the USDC issuer, purchasing 1,237,011 new Class A shares at $80.84 apiece, a discount to Circle's market price, according to an SEC filing.

The share sale closed on September 17 alongside a new five-year commercial deal under which Circle pays Binance a monthly incentive fee to promote USDC held through Circle's Modular Smart Contract Wallet infrastructure. The arrangement supersedes the companies' earlier November 2024 and August 2025 agreements, and either side can exit early on certain triggers.

The tie-up deepens the relationship between the world's largest crypto exchange and the second-biggest stablecoin issuer, giving Binance a direct equity interest in the company whose USDC it distributes across its platform.

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