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FollowingBinance spends US$100 million to increase its stake in Circle to deepen USDC cooperation.
Circle announced on Tuesday that Binance has purchased a US$100 million stake in the company. The move further deepens the link between the world's largest cryptocurrency exchange and the issuer of USDC, one of the largest dollar stablecoins currently on the market.
According to regulatory filings, Circle said it sold approximately 1.24 million shares to Binance on September 17 at a price of US$80.84 per share. This price is lower than the stock trading market price at the time. Affected by the news, Circle shares rose nearly 2% in pre-market trading, extending this year's gains, with year-to-date gains of about 19% and a market value of nearly US$24 billion. Currently, USDC's market value is close to US$75 billion.
At the same time, the two sides also upgraded their existing commercial agreement to a new five-year agreement. Circle will pay a monthly incentive fee based on the number of USDC stored in Binance Wallet infrastructure; Binance has agreed to actively promote USDC on its platform. Although either party can terminate the agreement early when certain conditions are triggered, for now, the agreement closely ties the two companies until 2031.
Source: Binance
This kind of cooperation is not the first time, it is just a change to another exchange
Binance is not the first major exchange to convert stablecoin partnerships into equity investments. As early as August 2023, Coinbase reached a similar cooperation with Circle in almost the same way, obtaining a minority stake and signing a revenue sharing agreement. The agreement stipulates that Coinbase receives all reserve revenue generated by USDC held on its own platform, as well as half of USDC revenue generated elsewhere.
This agreement was signed three years ago and renewed until 2029 on the same terms. This proves that the structure works well for both parties and therefore remains unchanged. Binance's new deal with Circle follows the same model: equity investment plus fees linked to the actual amount of USDC held on the platform, only two years later and on a different exchange.
The difference between the Binance version lies in its previous background. Binance has tried to issue its own stablecoin. The BUSD token it issued through partner Paxos was ordered to stop minting in 2023 after New York financial regulators intervened, although the U.S. Securities and Exchange Commission (SEC) never filed a formal lawsuit. Binance did not choose to create another stablecin with high compliance costs, but chose to invest in the existing stablecin that had already completed compliance work.
Circle has been licensed under the EU's new encryption regulations and has positioned itself as a more regulated alternative to Tether for years. Although Tether's USDT token faces questions about reserve transparency, its market value still exceeds US$140 billion, dominating the market.
这对使用两个平台的用户意味着什么
对于币安超过2.4亿用户而言，可能会出现更多的交易对、更多的促销活动，并且USDC将越来越多地被视为币安的优选美元代币，而不仅仅是众多选项之一。币安还表示，将把USDC作为其企业国库的一部分持有。对于USDC持有者来说，在全球最大交易所上的更多使用意味着更高的流动性，以及在进出兑换时可能更紧密、更可靠的价格。
投资者可能将此视为一种竞争定位，而不仅仅是资金本身。一亿美元的投资和五年的承诺表明，币安在稳定币市场拥有真正的利益份额。Circle方面，则获得了第二大交易所（继Coinbase之后）对USDC的支持，从而在不花费任何额外成本的情况下，加强了相对于Tether的地位。
在线用户也发表了看法。Tekusa认为，这笔交易标志着规范化的稳定币正从实验阶段转向核心金融基础设施，更便宜的汇款和更便捷的跨境支付可能是检验这一增长的重要指标。Plutus则关注分发渠道。USDC的流通量约为750亿美元，而USDT约为1830亿美元。Plutus认为，差距很大程度上源于每种稳定币的可获得性以及用户访问的便捷程度。币安为USDC提供了更大的分发渠道，使其面向数百万原本可能选择USDT的用户。
与此同时，Circle已获得美国货币监理署（OCC）的最终批准，启动一家名为“Circle National Trust”的国家信托银行。这一决定确立了First National Digital Currency Bank, N.A.作为联邦监管托管机构的地位。这一里程碑事件通过将USDC基础设施直接置于联邦银行监管之下，改变了稳定币的安全性标准。
