Binance, Banks and NYSE Expand Tokenized Money

Binance purchased a $100 million stake in Circle and reached a five-year commercial agreement to expand use of the USDC stablecoin on its platform. At the same time, Canada’s six largest banks are testing tokenized Canadian-dollar deposits and the New York Stock Exchange and Blockchain.com signed a memorandum to develop tokenized U.S. stocks and ETFs through a planned alternative trading system.

According to a U.S. Securities and Exchange Commission filing, Binance acquired 1,237,011 shares of Circle Class A common stock at $80.84 per share in a private placement dated Sept. 17. The purchase price was below Circle’s market price immediately before the deal closed. Circle shares rose after the filing. Under the commercial agreement, Circle will pay Binance a monthly incentive fee tied to USDC balances held through Binance’s Modular Smart Contract Wallet infrastructure. Binance is restricted from selling, transferring, pledging or otherwise disposing of the shares for up to two years, though some termination provisions could end the lockup earlier. Binance retains voting rights during the restricted period.

The Canadian pilot brings Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group together to explore tokenized deposit accounts denominated in Canadian dollars. The first phase focuses on transfers between participating banks, with potential later connections to other digital asset networks. Canada’s Office of the Superintendent of Financial Institutions clarified on Sept. 10 that tokenized deposits are not legally distinct from traditional deposits, so the blockchain-based records remain liabilities of the issuing banks rather than obligations of third-party stablecoin issuers. The banks involved say tokenized deposits could enable faster and programmable payments, and other deposit-taking institutions may join future phases. Canadian rules for stablecoins apply to non-financial institution issuers; regulated banks and credit unions are outside that regulatory scope.

Cross-border stablecoin flows rose 77.5% to $220.3 billion in the year through June, while total crypto market capitalization fell 37% to about $2.1 trillion, according to on-chain analytics. The analysts identified 4,708 new cross-border corridors accounting for $2.64 billion in flows, though the largest corridors still accounted for roughly 96% of total value. Much of the growth came from transfers averaging about $3,000, a pattern that aligns with trade, remittances and savings rather than speculative trading. One economist described the activity as a “steady rhythm” typical of business use. An executive in the payments sector pointed to demand for dollar access, inflation protection and tools to navigate capital controls as factors driving adoption outside Asia. Regulators have provided more formal frameworks for stablecoins in recent years, including a U.S. law enacted in July 2025 and licensing or market rules in other jurisdictions.

Blockchain.com and the New York Stock Exchange signed a memorandum of understanding to develop an alternative trading system that would offer tokenized U.S. stocks and ETFs to crypto users, subject to regulatory approval. The agreement also establishes a market-data relationship with ICE Data Services. The U.S. Securities and Exchange Commission has issued a five-year Innovation Exemption for certain tokenized securities venues, allowing tokens to represent actual shares if they carry the same economic and governance rights as their traditional equivalents. Market metrics show the value of tokenized stocks at about $3.14 billion and the number of holders at roughly 3.87 million, up 72% year over year. A market analyst described the partnership as aimed at retail trading, noting the appeal of 24-hour and weekend trading, and an industry executive said trading venues are evolving into platforms that list multiple asset types.

The reported transactions and pilots involve exchanges, banks and market infrastructure firms engaging with blockchain-based payments and securities infrastructure. Each agreement and pilot remains subject to its own regulatory reviews and commercial terms.