Circle announced that Binance has invested $100 million in Circle’s stock in a private placement at a 5% discount price. The investment coincides with a new five year deal between the two companies, although in reality it extends last year’s deal by a year, the third rewrite in under two years. Circle pays Binance monthly fees on qualifying USDC stablecoin balances, likely a large proportion of the reserve income.
Binance received more than $150 million in distribution payments from Circle in 2025, so the cash will flow back to Binance in under six months. Currently, Binance holds $7.1 billion in USDC, a tiny fraction of the $32.3 billion it holds in Tether. The Binance balance is also catching up to the amount held by Coinbase which was almost $8.9 billion at the end of June.
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