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FollowingBinance buys Circle shares for US$100 million and signs a five-year promotion agreement
Binance purchased $100 million worth of Circle shares in a five-year deal, according to a September 22 filing with the U.S. Securities and Exchange Commission. The agreement stipulates that exchanges will be paid to promote USDC stablecoins.
Thefiling states that Circle issued 1,237,011 Class A ordinary shares to Binance through a private placement completed on September 17 at a price of US$80.84 per share. The offering's share price is lower than Circle's pre-sale market price, although the filing did not disclose a specific discount. Since these shares are not registered, Binance is not allowed to resell these shares unless they are registered or meet the exemption conditions.
Five-year promotion contract and monthly fee
Under this commercial agreement, Circle will pay Binance a monthly incentive fee based on the number of USDC held by users through its Modular Smart Contract Wallet service, which is a percentage of the holding, but the exact rate has not been disclosed. In exchange, Binance needs to carry out promotion activities for the stablecoin. In the event of a specific event, either party can prematurely terminate the five-year partnership.
Except for regular exceptions, Binance may not sell, transfer, pledge or hedge shares during a lock-up period of up to two years unless Binance terminates the commercial arrangement under specific circumstances, but retains voting rights on the shares during this period.
This arrangement replaces and replaces previous agreements signed by the two parties in November 2024 and August 2025, marking the third version update of cooperation between the two parties in less than two years. The first cooperation was announced during Abu Dhabi Finance Week in December 2024, when Binance committed to provide USDC in its products and include it in treasury reserves.
Binance co-CEO Richard Teng said in a statement that the investment and five-year commitment reflect "long-term beliefs."
Trading background: Regulatory pressure intensifies
The release of this document comes at a time of rising regulatory pressure. Just a day earlier, Bloomberg reported that federal prosecutors were investigating whether Binance violated U.S. sanctions against Iran.
Circle's share price has fallen recently as the partnership expands. Circle shares closed Monday at $94.29 on the New York Stock Exchange, according to Yahoo Finance, and were trading in the $80-plus range when the private offering closed. Over the past 12 months, Circle shares (CRCL) have fallen about 34%, while the S & P 500 has gained 16.5% over the same period.
Jeremy Allaire, co-founder, chairman and CEO of Circle, said Binance has become the "most widely used dollar stablecoin wallet."
