Circle Internet (CRCL) will receive a $100 million equity investment from Binance as part of a five-year commercial agreement, the companies said Tuesday.
Under the deal, Binance will promote and integrate Circle's USDC stablecoins through its digital assets platforms, the companies said.
Binance's investment in Circle was made through a private placement of shares at a 5% discount to the market price before closing. Binance has agreed to keep the shares for at least two years, the companies said.
Shares of Circle were up more than 2% in recent premarket trading Tuesday.
Price: $96.40, Change: $+1.91, Percent Change: +2.02%