Binance Takes $100M Stake in Circle Under Expanded USDC Deal

This is a structural shift in stablecoin distribution economics: Circle is trading equity and recurring payments for shelf space on the largest exchange, effectively paying for circulation rather than competing on brand alone. It matters most for USDC's smaller rivals, who now face a competitor with a locked-in distribution channel, and for Circle itself, since the cost of that channel is now a recurring line item rather than a one-off. Whether similar equity-for-distribution deals become the template across other venues is the open question.