Circle lands $100 million from Binance to ramp up global USDC expansion
Article excerpt
Highlighted: the sentence this signal was extracted from
In this article 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 $80.84 each, subject to a lockup of as long as two years, with some exceptions. "Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet's largest financial super app, and becoming the most widely used wallets in the world for dollar stablecoins," Circle CEO Jeremy Allaire said in a statement. "We see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products and reach people and businesses throughout global emerging markets." Circle has been trying to build a business beyond issuing USDC – launching its Arc blockchain last week...
Keep reading with a free account
The rest of this article, and every signal for Circle, is in your free account.
