Top Crypto exchange Binance has invested $100 million in USDC stablecoin issuer Circle (CRCL), according to a press release by the exchange. Binance revealed in a blog post that it has expanded its strategic partnership with Circle for a new five-year term, focused on promoting USDC across Binance’s global platform, with an emphasis on emerging markets.
“Under the agreement, Binance will focus on bringing USDC to more users globally, especially in emerging markets, while Circle continues to provide the infrastructure that supports holding and using the stablecoin,” the Binance Blog reads. “Together, the investment and the partnership reflect a shared, long-term commitment to expanding access to a stable, trusted digital dollar.”
According to Binance, Circle will continue to provide the infrastructure to support USDC holding and use, while Binance leads distribution and adoption. “Circle has earned its place as one of the most credible issuers in the world, spanning USDC, Arc and the infrastructure reshaping how value moves across borders. Our $100 million investment and five-year commitment represent long-duration conviction,” said Richard Teng, co-CEO of Binance. “We are helping to build a more inclusive, transparent, and compliant digital economy. A stable, trusted digital dollar should not be a privilege – it should be available to anyone with a phone. That’s the future this partnership is designed to deliver.”
“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,” said Jeremy Allaire, Co-founder, Chairman and CEO of Circle. “Together, 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.”
Also Read: Brent Oil Falls Below $100: Will Stock And Crypto Markets Surge?
Binance also said it bought Class A Circle (CRCL) shares at a 5% discount to the stock’s last closing price of $94.49. CRCL stock moved little on Tuesday, but in the past five days, shares are up over 10%.