Binance takes $100M Circle stake as crypto and Wall Street converge on stablecoins
Crypto firms and Wall Street move onto the same ground
Binance is buying a $100 million stake in Circle, the company that issues the USDC stablecoin, under a five-year agreement to expand use of that stablecoin on the exchange. A stablecoin is a crypto token designed to hold a steady value, usually tied to the US dollar.
The deal was one of four developments described by Cointelegraph in its weekly Crypto Biz roundup published on Sept. 25, 2026. The roundup also covered Canada's six largest banks exploring tokenized bank deposits, a rise in cross-border stablecoin payments, and a plan by the New York Stock Exchange and Blockchain.com to offer tokenized US stocks and ETFs to crypto users. An ETF is a fund that trades on an exchange and tracks a basket of assets.
Taken together, the items show crypto companies and traditional finance moving into the same markets, from payments to stocks and funds.
Key points
- Binance is taking a $100 million stake in Circle as part of a wider commercial deal around USDC.
- The Circle shares carry a lockup of up to two years, although the source says the lockup can end earlier under certain termination provisions.
- Canada's six biggest banks are jointly testing tokenized Canadian dollar deposits as a possible new payment rail.
- Cross-border stablecoin flows grew even as the wider crypto market shrank.
- The NYSE and Blockchain.com plan for tokenized US stocks still needs regulatory approval.
How the Circle share purchase is structured
According to a Tuesday filing with the US Securities and Exchange Commission (a US markets regulator), Circle issued Binance 1,237,011 Class A common shares at $80.84 each in a Sept. 17 private placement. Cointelegraph reported that the purchase price was below Circle's market price before the deal closed, and that CRCL shares rose after the announcement.
The investment sits alongside a broader commercial agreement on USDC. Circle will pay Binance a monthly incentive fee based on how much USDC is held through the exchange's Modular Smart Contract Wallet infrastructure.
Binance is barred from selling, transferring, pledging or otherwise disposing of the Circle shares for up to two years. The lockup can end earlier under certain termination provisions, and Binance keeps voting rights on the shares during that period.
Canada's six largest banks test tokenized deposits
Canada's six largest banks are jointly exploring tokenized Canadian dollar deposits. A tokenized deposit is a digital representation of money already held at a bank. The participants are Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group.
The first phase will focus on transfers between the participating banks. The system could later connect to other digital asset networks. Unlike fiat-backed stablecoins, these tokenized deposits would remain liabilities of the banks that issue them.
The project follows a Sept. 10 clarification from Canada's Office of the Superintendent of Financial Institutions that tokenized deposits are not legally separate from traditional deposits, meaning the use of blockchain technology does not change their legal treatment. Blockchain is a shared record of transactions kept by many computers.
The participating banks say the model could allow faster, programmable payments, and other deposit-taking institutions could join later. Canada's stablecoin framework applies to issuers that are not financial institutions, while regulated banks and credit unions sit outside its scope.
Stablecoin payments grew while the crypto market shrank
Chainalysis, an analytics firm, found that cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June, while total crypto market capitalization fell 37% to $2.1 trillion. Cointelegraph described the flow increase as nearly 78% and noted the broad market lost more than a third of its value.
Chainalysis identified 4,708 new cross-border corridors carrying $2.64 billion, though the largest corridors still accounted for 96.1% of total value. The firm said much of the growth came from transfers averaging about $3,000, a pattern it said fits trade, remittances and savings better than speculation.
Tether economist Philip Gradwell described the activity as having a "steady rhythm" typical of business use, according to the report. StraitsX CEO Tianwei Liu pointed to demand for dollar access, inflation protection and ways around capital controls outside Asia.
The report also linked stablecoin adoption to clearer rules, noting the US GENIUS Act enacted in July 2025, the European Union's MiCA framework and Hong Kong's licensing regime.
NYSE and Blockchain.com plan a venue for tokenized US stocks
Blockchain.com and the New York Stock Exchange signed a memorandum of understanding for a planned alternative trading system that would bring tokenized US stocks and ETFs to crypto users. The plan remains subject to regulatory approval. The agreement also includes a market-data partnership between Blockchain.com and ICE Data Services, part of NYSE parent Intercontinental Exchange.
TD Securities' Reid Noch described the partnership as a bid for retail trading activity, particularly as tokenized markets open the door to 24-hour and weekend trading, according to the report. Talos' Tanay Ved said crypto venues are increasingly turning into multi-asset platforms.
Demand is growing in this area. Data from RWA.xyz put the value of tokenized stocks at $3.14 billion, with the number of holders up 72% to 3.87 million. The partnership follows the SEC's introduction of a five-year Innovation Exemption for certain tokenized securities venues. Eligible tokenized stocks must represent actual shares carrying the same economic and governance rights as their traditional counterparts.
Facts supported by the filings and reports
- A SEC filing describes Circle's issuance of 1,237,011 Class A shares to Binance at $80.84 each in a Sept. 17 private placement.
- Binance and Circle have a five-year agreement tied to expanding USDC adoption, with monthly incentive fees based on USDC held through the exchange's wallet infrastructure.
- Six named Canadian banks are jointly exploring tokenized Canadian dollar deposits, starting with transfers between participating banks.
- Canada's financial regulator clarified on Sept. 10 that tokenized deposits are not legally distinct from traditional deposits.
- Chainalysis reported the 77.5% rise in cross-border stablecoin flows, and RWA.xyz provided the tokenized stock figures.
- The NYSE and Blockchain.com arrangement is a memorandum of understanding and is still subject to regulatory approval.
Open questions: approvals and later phases
The NYSE and Blockchain.com plan cannot proceed until regulators approve it, and the report gives no timeline for that decision.
For the Canadian project, only the first phase is described. The report does not say when the system would go live, which other institutions might join, or how the later connection to other digital asset networks would work.
The report also does not detail the termination provisions that could end Binance's share lockup early.
Why the overlap matters for payments and markets
Stablecoins and tokenized assets are pushing banks, exchanges and crypto companies into the same business areas, from payments to stocks and funds. The Canadian project shows one reason the difference between the models matters: tokenized bank deposits stay on the issuing bank's balance sheet as liabilities, while fiat-backed stablecoins are issued by other companies.
The stablecoin flow data suggests these tokens are being used for everyday transfers such as trade payments, remittances and savings, not only for trading. Meanwhile, the exchange partnerships point to crypto platforms becoming places where users can also reach traditional assets.
What comes next
The NYSE and Blockchain.com alternative trading system is awaiting regulatory approval. Canada's tokenized deposit project will begin with transfers between the six participating banks, with a possible later link to other digital asset networks and the possibility of more deposit-taking institutions joining. The Binance and Circle commercial agreement runs for five years, and Binance's share lockup can last up to two years.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.