Binance Circle Investment turns USDC's old rival into shareholder

核心要点

币安（Binance）斥资1亿美元收购Circle股票，且在未来两年内不得出售。在新的五年协议下，Circle将根据USDC的余额向币安支付月度费用。如今，币安既作为付费分销商，又作为股东，从USDC的增长中获利。相比之下，Tether的USDT供应量仍约为USDC的2.4倍。

投资细节与协议条款

9月22日，币安宣布通过私募方式向Circle Internet Group投资1亿美元，以每股80.84美元的价格购买了1,237,011股A类股。此次购买附带一份为期五年的商业协议，根据该协议，Circle将向交易所支付费用以推广USDC，主要面向新兴市场。在将其平台上的USDC移除四年后，这家全球最大的加密货币交易所现在既是发行公司的付费分销商，也是其股东。

此次Circle对币安的投资价格较Circle收盘前的市场价格享有5%的折扣。Circle提交给美国证券交易委员会（SEC）的文件显示，币安同意在长达两年的时间内不卖出、转让、质押或对股票进行对冲，但保留投票权。按80.84美元计算，币安每股支付的金额比2025年6月Circle首次公开募股（IPO）时的投资者高出约161%，当时Circle的发行价为31美元。

The impact of the commercial clause is more far-reaching. The new agreement replaces arrangements in November 2024 and August 2025 under which Circle will pay Binance monthly incentive fees based on the USDC balances users hold through Circle's modular smart contract wallet infrastructure. In return, Binance is responsible for promoting and integrating the stablecoin. Binance can now reap double benefits from USDC's growth.

Investment amount US$100 million Private equity price/share US$80.84 Discount rate and quantity 5% discount, 1,237, 011 shares Lock-up period 2 years Voting rights Retain USDC agreement term 5 years Fee structure Monthly fee based on USDC balance

Historical background: From exclusion to cooperation

In September 2022, Binance began to automatically convert users 'USDC, USDP and TUSD balances into BUSD (tokens issued by Paxos with the Binance brand logo). The strategy collapsed in February 2023, when Paxos stopped BUSD minting after the New York State Department of Financial Services took action.

The decision to switch to USDC stems from a partnership announced in December 2024. Circle's IPO prospectus later disclosed price details: a $60.25 million advance payment to Binance, a monthly incentive based on the USDC balance, and a commitment to keep $3 billion of USDC in its treasury under exceptional circumstances. Binance abandoned plans to operate its own U.S. dollar tokens and left reserve management, licensing and banking relationships to Circle.

时间事件 2022年9月USDC余额自动转换为BUSD 2023年2月Paxos停止新的BUSD发行 2024年12月首次Circle交易，预付6025万美元 2025年8月合作关系扩大 2026年9月1亿美元股权及五年协议

交易量激增与市场影响

CoinDesk引用的Kaiko数据显示，在Circle合作伙伴关系之前，币安上USDC的月度交易量在200亿至400亿美元之间徘徊，此后一直保持在800亿美元以上。在2026年，该交易所每天处理的USDC现货成交量为50亿至100亿美元，而大多数竞争对手交易所的处理量低于5亿美元。Kaiko研究主管Anastasia Melachrinos表示，竞争对手没有看到类似的增长，这表明币安自身承担了大部分增长份额。

收益率下降影响Circle收入

Circle保留支持USDC的美国国债和现金所产生的利息。在2026年第二季度，储备收入达到6.68亿美元，占总收入和储备收入的7.01亿美元中的绝大部分，约占95%。该公司第二季度的储备回报率同比下降了66个基点，而平均流通量上升了25%。尽管更高的余额增加了14亿美元，但在2025年较低的收益率导致收入减少了约4.42亿美元。

Adding more USDC is the only offsetting factor Circle can control, but it becomes expensive. Distribution, trading and other costs reached $412 million in the second quarter, with Coinbase alone receiving $324.6 million. Circle's filing warns that adding distributors could push up these costs.

Project Amount/Proportion Total Income and Reserve Income US$701 million (Of which $668 million comes from reserve interest) Distribution and other costs $412 million (About 59% of top-level revenue) paid Coinbase$324.6 million (accounting for nearly 80% of distribution costs) Adjusted EBITDA US$143 million (Approximately 20% of top-level revenue) Net income US$48 million (Less than 7 cents per dollar earned)

Source: Circle's second quarter 2026 earnings report and SEC documents

Competitive landscape: USDC and USDT

Coinbase reported in the second quarter that the average USDC held in its products was US$20 billion, more than 30% of circulation. Binance, which has more than 300 million users and covers more than 100 countries, provides Circle with a second channel focusing on non-U.S. markets. With the 1.237 million shares on the book, Binance also has reason to guide users to use USDC, which is a motivation that has never been created by mere listing.

Among the markets Binance targets, USDT is 2.4 times the size of USDC. According to Stablecoin Beat data, as of September 25, the total supply of stablecoins was close to US$304.8 billion, of which USDT was US$183.8 billion and USDC was US$75.3 billion. Emerging markets are the focus of the new agreement and are the regions where Tether is strongest and where stablecoins often replace bank accounts.

Total supply US$304.8 billion USDT US$183.8 billion (approximately 60%) USDC US$75.3 billion (approximately 25%) Other Approximately US$45.7 billion (approximately 15%)

Data as of September 25, 2026. Source: Stablecoin Beat

Martins Benkitis, CEO of market maker Gravity Team, told CoinDesk that both companies have a clear incentive to expand the size of USDC, although Tether maintains deep local mobility and entrenched user habits in these regions. Traders and over-the-counter (OTC) counters hold tokens that their counterparties have accepted. There are few platforms that can change this behavior on a large scale, and Binance is one of them.

Future Outlook

Circle的2026年第四季度报告将于2027年初发布，将涵盖在新币安条款下的第一个完整季度。需要关注的关键比率是分销成本与储备收入之比。GENIUS法案的关键条款将于2027年1月18日生效，此后，除非获得联邦或州许可证，否则支付型稳定币通常不得在美国发行。Circle已获得OCC对Circle National Trust的批准，并在欧盟、英国和新加坡获得了许可证。

币安的持股是更广泛扩张计划的一部分。9月16日，Circle推出了Arc的主网，这是其专有的支付区块链；两周前，它同意收购新加坡支付公司Tazapay，该公司每年处理超过250亿美元的交易，预计该交易将在2027年完成。币安的锁定期持续到2028年9月左右，因此该交易所将持有其股份直至这两个里程碑事件结束。