Circle gains Binance backing in USDC-Tether race
Circle has secured a $100 million investment from Binance and a five-year commercial agreement designed to increase USDC distribution, giving the stablecoin issuer another channel as it competes with Tether. SummaryBinance invested $100 million in Circle and signed a five-year agreement focused on expanding USDC.Circle will pay Binance monthly incentives linked to qualifying USDC balances held through wallet infrastructure.Binance bought 1.24 million Circle shares at $80.84 each through a private placement transaction completed.USDC market capitalization reached roughly $75 billion while USDT remained above $183 billion in September.Binance expanded USDC spot markets to 329 as trading volumes rose sharply after 2024 partnership. Circle said on Sept. 22 that Binance had purchased $100 million of its Class A common stock and renewed their USDC partnership for five years, with a focus on distribution in emerging markets. The agreement builds on a relationship that began in late 2024. Analysts interviewed by CoinDesk said Binance could help Circle place USDC in front of more users, particularly in markets where dollar stablecoins play a large role in crypto trading and payments. Kaiko data cited by CoinDesk showed the number of USDC-quoted spot markets on Binance rising from 140 when the original partnership began to 329. Monthly USDC trading volume









