{"id":13592,"date":"2026-09-23T02:38:00","date_gmt":"2026-09-23T02:38:00","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=13592"},"modified":"2026-09-23T02:38:00","modified_gmt":"2026-09-23T02:38:00","slug":"circles-binance-bet-helped-usdc-close-the-gap-with-tether","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=13592","title":{"rendered":"Circle\u2019s Binance bet helped USDC close the gap with Tether"},"content":{"rendered":"

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Circle is doubling down on Binance after USD Coin (USDC) stablecoin customer balances on the exchange nearly quintupled since their first agreement.<\/p>\n

On Sept. 22, the companies announced a new five-year commercial agreement alongside Binance\u2019s $100 million equity investment in Circle, extending a relationship that has turned the world\u2019s largest crypto exchange into one of USDC\u2019s most important distribution channels.<\/p>\n

The agreement focuses on expanding USDC access, particularly in emerging markets, and replaces arrangements signed in November 2024 and August 2025.<\/p>\n

Binance bought 1.237 million Circle Class A shares at $80.84 each, a 5% discount to Circle\u2019s Sept. 17 closing price, and agreed to a two-year restriction on selling, pledging, or hedging the shares. The commercial agreement runs through September 2031, although either company can terminate it earlier under specified circumstances.<\/p>\n

The longer commitment follows a sharp expansion in USDC\u2019s presence on Binance. Customers held about $1.5 billion of USDC on Oct. 1, 2024, shortly before Circle entered into its original Binance agreement in November.<\/p>\n

Binance\u2019s latest Sept. 1 Proof-of-Reserves snapshot shows customer USDC balances at about $7.1 billion, up roughly 376%, or almost fivefold.<\/p>\n

USDC itself has not grown nearly as quickly. Circle reported $39.7 billion of USDC in circulation on Nov. 29, 2024, around the time it struck the first Binance agreement. DeFiLlama currently puts circulating USDC at roughly $74.4 billion, up about 87%.<\/p>\n

\"USDC\"USDC
Binance customer USDC balances rose 376% to $7.13 billion, far outpacing the 87% growth in total USDC supply.<\/figcaption><\/figure>\n

That means Binance customer balances have grown from the equivalent of less than 4% of global USDC supply at the start of the partnership to almost 10% today.<\/p>\n

USDC closes part of Tether\u2019s Binance lead<\/h2>\n

USDC\u2019s expansion on Binance has also substantially outpaced Tether\u2019s growth on the platform.<\/p>\n

Binance customers held $21.4 billion of USDT in the Oct. 1, 2024 reserve snapshot, compared with $1.5 billion of USDC. That left roughly $14.30 of USDT on Binance for every dollar of USDC.<\/p>\n

By Sept. 1 this year, customer USDT balances had risen to $32.3 billion, while USDC reached about $7.1 billion. The ratio had narrowed to approximately 4.5-to-1. USDT customer balances increased about 51% over the period, compared with USDC\u2019s roughly 376% increase.<\/p>\n

\"USDC\"USDC
USDC balances on Binance grew 376%, shrinking USDT\u2019s lead from 14.3-to-1 to 4.5-to-1 despite USDT remaining dominant.<\/figcaption><\/figure>\n

Circle\u2019s regulatory filings show the shift gathering pace after the original deal. USDC represented 5% of stablecoins held on Binance on July 1, 2024, 10% by Jan. 1, 2025, and 22% by July 1, 2025.<\/p>\n

The figures show that Binance became a substantially larger USDC distribution channel during the partnership, even as Tether remained the dominant dollar token on the exchange.<\/p>\n