Circle and Binance signed a five-year USDC commercial agreement alongside Binance’s $100 million equity investment in the stablecoin issuer. Binance customer USDC balances surged from $1.5 billion to over $7 billion, pushing USDC’s share of stablecoins on Binance from 5% to 22%. Circle paid Binance a $60.25 million upfront fee plus monthly incentive payments at a high double-digit percentage, with distribution costs tied to Binance rising by $152.1 million in 2025. Circle’s distribution and transaction costs reached $410 million in Q2, equivalent to 61% of its reserve income. Binance acquires approximately 0.5% stake in Circle through this investment.
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