Binance buys $100 million stake in Circle, expands partnership

Circle said on Tuesday that Binance has purchased a $100 million stake in the stablecoin issuer, deepening the crypto exchange’s ties with the company behind USDC, a major dollar-pegged token.

Circle shares were last up nearly 2% in premarket trading.

Circle disclosed in a regulatory filing that on September 17, it issued and sold roughly 1.24 million shares to Binance at a purchase price of $80.84 per share.

Circle is the issuer of USDC, a dollar-pegged stablecoin with a market capitalization of nearly $75 billion, according to CoinMarketCap data.