New major deal between the stablecoin giant and the world's largest crypto exchange

Circle Internet Group (NYSE: CRCL) and Binance have entered into a comprehensive agreement that combines a direct equity investment with a renewed commercial partnership around the stablecoin USDC. The news caused Circle's stock to rise, according to Investor's Business Daily (via Yahoo Finance).

According to a stock exchange filing (SEC Form 8-K) submitted to US authorities on September 22, 2026, the transaction was formally completed on September 17 of the same year. Binance purchased 1,237,011 shares in Circle's Class A share class at a price of $80.84 per share – five percent below the official closing price of $85.09 that same day.

The total investment is worth $100 million and gives Binance an ownership stake of approximately 0.5 percent of the outstanding Class A shares in Circle. The shares were issued as a private placement exempt from standard SEC registration.

Lock-up period and voting rights

Binance is subject to a two-year lock-up period during which the company cannot sell, pledge, transfer, or hedge the purchased shares, with exceptions for certain standardized transfers between group companies or legally mandated dispositions. However, the lock-up can be terminated early if Binance withdraws from the commercial agreement under specific contractual terms.

Although the shares are locked up, Binance retains full voting rights throughout the period. It has not been disclosed that Binance will receive any board seat at Circle as a result of the agreement.

A stable, trustworthy digital dollar shouldn't be a privilege – it should be accessible to anyone with a phone.

That's according to Binance co-CEO Richard Teng, commenting on the agreement, per press statements from both companies. He describes the investment as a long-term commitment and highlights Circle's role as one of the most recognized issuers in digital assets, referencing both USDC and the company's infrastructure project Arc.

Circle co-founder and CEO Jeremy Allaire, for his part, states that Binance has built one of the world's largest and most dynamic platforms for digital currency usage, and points to the opportunities for expanding dollar access and financial services in emerging markets through the partnership.

Binance buys into Circle for $100 million - Bilde 1

Renewed commercial agreement replaces previous contracts

The new five-year agreement consolidates and replaces two previous commercial contracts between the companies, entered into in November 2024 and August 2025. According to available information, Binance will now lead distribution, promotion, and integration of USDC on its global exchange platform, with a particular focus on emerging markets.

Circle will provide the underlying technological infrastructure through its so-called Modular Smart Contract Wallet solution, which is designed to enable digital dollars to be held and moved programmatically and seamlessly.

As part of the agreement, Circle will pay Binance an ongoing, monthly incentive fee calculated as an unspecified percentage of USDC balances held within Circle's smart contract infrastructure. The exact percentage has not been disclosed.

$100 million
Investment amount
0.5%
Ownership stake in Circle
5 years
Agreement duration

Historically costly partnership

The previous agreement framework from November 2024 involved an upfront payment of $60.25 million to Binance, in addition to balance-based fees that required Binance to hold between $1.5 and $3 billion in USDC reserves on the platform or in treasury. Circle reported that costs related to Binance distribution increased by $152.1 million during 2025 — a figure that underscores how capital-intensive the relationship between the two companies has been.

The new structure, in which Binance also becomes a shareholder, can be interpreted as an attempt to bind the parties more closely together and reduce friction in a relationship that has historically been costly for Circle.

Binance buys into Circle for $100 million - Bilde 2

Why it's relevant beyond the US as well

Although the agreement primarily concerns US and global crypto markets, it illustrates a broader trend: stablecoins like USDC are becoming increasingly important infrastructure for digital payments and value transfer in emerging economies. For Norwegian investors and fintech sector players, this serves as a reminder of how quickly consolidation between exchanges and issuers of digital dollars is happening internationally, with potential ripple effects for global liquidity in the crypto market — where bitcoin is currently trading around $84,519 in a market still characterized by risk appetite (Fear & Greed Index at 71 out of 100).

Binance is now becoming both a distributor and a shareholder in the world's largest regulated stablecoin issuer.

It remains to be seen whether the new structure will actually reduce Circle's distribution costs over time, or whether it merely formalizes an already close and expensive partnership between the two crypto giants. Neither Circle nor Binance has disclosed detailed figures for how the new incentive model will play out financially going forward.