Binance invests $100 million in Circle

Circle, the issuer of the USDC stablecoin, sold $100 million worth of Class A shares to Binance in a private placement that closed on September 17. As part of the deal, Circle will pay Binance a monthly commission over five years based on USDC holdings within Binance's Modular Smart Contract Wallet infrastructure. The shares are subject to a two-year lock-up period during which Binance cannot sell, pledge, or hedge them. The agreement was disclosed in an SEC 8-K filing on September 22.