Binance is investing $100 million in stablecoin issuer Circle as part of a five-year deal calling for world's largest crypto exchange to promote Circle's flagship USDC on its platform. Shares of Circle rose more than 1% in premarket trading Tuesday. The agreement signals a push to expand USDC beyond its historically U.S.-focused base and compete more directly with stablecoin giant Tether in international crypto markets. Under terms of the deal, USDC gains access to Binance's large global user base in exchange for Circle paying Binance "a monthly incentive fee" tied to USDC balances. Aligning its financial interests with USDC growth, Binance agreed to buy $100 million of Circle shares at $80.
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