Wu Shuo learned that Circle (CRCL)’s 8-K filing submitted on September 22 shows that its subsidiary entered into a new five-year cooperation agreement with Binance on September 17. The agreement expands the USDC promotional cooperation and replaces the agreements previously signed by both parties in November 2024 and August 2025. Circle will pay Binance a monthly incentive fee in a certain proportion based on the amount of USDC held by Circle through its modular smart contract wallet infrastructure service. On the same day, Binance subscribed for 1,237,011 shares of Circle Class A common stock at a discount of $80.84 per share, for a total amount of $100 million. The transaction has been completed. In principle, the relevant shares are subject to a two-year transfer restriction, but there are provisions for early termination and other exceptions.