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 $80.84 per share in a private placement on Sept. 17, according to a Tuesday filing with the US Securities and Exchange Commission. The purchase price reflected a discount to Circle’s market price before the transaction closed.

New York Stock Exchange-traded CRCL shares were up more than 1.3% in Tuesday’s premarket activity after closing Monday at $94.29 apiece, according to Yahoo Finance data.

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