MarketPR
Binance has committed $100 million to Circle Internet Group in a move that deepens the two firms' strategic alliance and aims to broaden the reach of the USDC stablecoin across emerging markets.
The cryptocurrency exchange, identified by the ticker $BNB, and the stablecoin issuer, listed on the NYSE as CRCL, announced the expanded partnership on Monday.
The deal includes a new five-year commercial agreement focused on increasing access to USDC, Circle's dollar-pegged digital currency, in regions where traditional banking infrastructure may be limited.
Binance executed the investment through a private placement of Circle's Class A common stock. The purchase price was set at a 5% discount to the market price before the closing of the transaction.
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