Binance invests $100 million for a stake in Circle; both parties renew 5-year USDC promotion agreement

PANews reported on September 22 that an 8-K filing submitted by Circle to the SEC shows Binance has spent $100 million to subscribe for 1.237 million shares of Circle Class A common stock at $80.84 per share (below the market price at the time), with a lock-up period of up to two years, during which Binance retains voting rights but may not sell, transfer, or hedge the shares. The two parties also expanded their existing commercial cooperation into a new 5-year agreement: Binance will promote USDC on its platform, while Circle will pay Binance monthly incentive fees based on the proportion of USDC holdings. The transaction was completed on September 17.