Binance buys $100 million stake in Circle, expands partnership
Figurines with computers and smartphones are seen in front of Binance logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration
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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:
• Circle disclosed in a regulatory filing that on September 17, it issued and sold roughly 1.24 million shares to Binance at a purchase price of $80.84 per share.
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• Circle is the issuer of USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, according to CoinMarketCap data.
• Stablecoins are digital tokens designed to maintain a stable value, typically pegged to currencies such as the US dollar. They have grown popular as a faster way to move money across crypto markets and are increasingly being used for payments.
• The expanded commercial arrangement has a five-year term, although either Circle or Binance can terminate it early under certain specified circumstances.
• “Under the arrangements, we agreed to pay Binance a monthly incentive fee,” Circle said.
• The company added that Binance has agreed to undertake certain other activities to promote USDC on its platform.
• Shares of Circle are up roughly 19 per cent so far this year, giving it a market cap of about $24 billion.
Source: Reuters
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