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FollowingBinance injected US$100 million into Circle and signed a five-year agreement to help USDC expand distribution channels.
Circle recently announced that it has received a US$100 million investment from Binance, and the two parties also signed a five-year commercial agreement. The agreement aims to expand USDC's distribution, giving the stablecoin issuer new channels in a competitive market to respond to challenges from Tether.
Core transaction details and strategic significance
According to the announcement released by Circle on September 22, Binance purchased US$100 million worth of Circle Class A common shares through a private placement transaction at a price of US$80.84 per share, totaling 1,237,011 shares. The private placement was completed on September 17, bringing US$100 million in financial support to Circle. Notably, the purchase price was lower than Circle's market price before the transaction closed.
Although Binance retained the voting rights attached to these shares, the parties agreed on a two-year lock-up period during which Binance may not sell, transfer, pledge or hedge the shares unless certain exceptional conditions are met. This move marks that Binance has officially become a shareholder of Circle and deepened the financial ties between the two parties.
Analysts pointed out that in addition to distribution cooperation, the shareholding structure further ties Binance's interests to USDC's growth. Clear Street analyst Owen Lau compared the structure to the existing relationship between Circle and Coinbase, arguing that the arrangement better aligned the interests of both parties.
USDC surge in trading volume and market expansion
自2024年底建立合作关系以来，USDC在币安平台上的表现显著增强。据Kaiko数据显示，随着合作的深入，币安上USDC现货市场的数量从最初的140个增加至329个。每月USDC的交易量也从协议签署前的200亿至400亿美元区间，跃升至近期的800多亿美元。
在2026年期间，币安每日处理的USDC现货交易量约为50亿至100亿美元。Kaiko研究主管Anastasia Melachrinos表示，这一活跃度是许多竞争对手交易场所的10到20倍。虽然币安会根据流动性和成交量要求定期调整市场列表（例如此前移除了部分低流动性交易对），但整体而言，USDC在平台的渗透率大幅提升。
市场竞争格局：USDC仍落后于USDT
尽管合作势头强劲，但USDC在市值上仍远小于Tether发行的USDT。截至9月下旬，CoinGecko数据显示USDC市值约为753亿美元，而USDT市值则高达约1838亿美元，日均交易量接近690亿美元。
Gravity Team首席执行官Martins Benkitis指出，虽然币安为Circle提供了激励措施和分发渠道，但USDT在国际加密市场中拥有长期建立的流动性、本地化流动性以及稳固的用户习惯，这使得市场份额的快速逆转变得困难。分析师认为，Circle与币安的合作可能会增加竞争压力，但不会立即取代现有的USDT网络效应。
超越交易所：Circle构建支付基础设施
Circle正积极拓展其在支付基础设施和跨境结算领域的影响力，不再局限于传统的交易所场景。
- Arc区块链主网上线： 9月16日，Circle推出了Arc区块链的主网，该网络使用USDC支付交易费用。启动之初便吸引了包括贝莱德（BlackRock）、Visa、万事达卡、DTCC和渣打银行在内的机构验证者加入。
- 收购Tazapay： 9月8日，Circle宣布以4亿美元股票收购基于新加坡的跨境支付公司Tazapay。该交易预计将在获得新加坡金融管理局等监管机构批准后于2027年完成。Tazapay每年处理超过250亿美元的支付流量，其中稳定币占比约60%。此举将为Circle带来与60多家银行和金融科技公司的合作关系，覆盖100多个市场。
- Circle Payments Network： 该网络连接金融机构和支付提供商，利用受监管的稳定币进行跨境结算，进一步扩展了USDC的应用场景。
高层观点与未来展望
币安联合首席执行官Richard Teng表示，1亿美元的投资和五年的承诺代表了他所称的对Circle和USDC的“长期信念”。Circle首席执行官Jeremy Allaire则强调，币安是全球美元稳定币使用最大的平台之一，此次续签协议将通过其全球用户群进一步扩大USDC的可获得性。
此外，Circle并未止步于与币安的合作。本月早些时候，Circle扩大了与OKX的合作伙伴关系，涵盖现货、保证金和期货市场的USDC交易，寻求在单一交易所之外实现更广泛的分发。这一系列动作表明，Circle正通过多元化的渠道和基础设施，努力巩固其作为主要美元稳定币发行商的地位。
