New Delhi, Sept. 22 -- Circle Internet Group and Binance have expanded their strategic partnership through a new five-year commercial agreement and a $100 million equity investment by Binance in Circle.

The deal underscores Circle's strategy of working closely with major crypto exchanges to expand the use of USDC, the world's second-largest stablecoin by market capitalisation. USDC had about $75 billion in circulation around the time of the announcement.

Circle already has a close commercial relationship with Coinbase Global, under which Coinbase receives a share of the interest income generated from USDC held on its platform.

The companies did not disclose additional financial terms of the five-year commercial agreement.

"Circle has ...