Circle has received a $100 million investment from Binance, according to CNBC. As part of the agreement, Binance will also promote Circle's USDC stablecoin on its platform. Circle plans to use the funding to accelerate the global expansion of USDC.
The deal brings together a major stablecoin issuer and a large cryptocurrency exchange. USDC is one of the leading dollar-pegged stablecoins, and the promotion agreement could increase its use among Binance's users. The investment signals deeper ties between the two companies as competition among stablecoins intensifies.
No further details about the investment or the promotion terms were included in the report. The announcement comes as stablecoin issuers increasingly seek distribution partnerships to grow their share of the digital payments market.