Binance investing $100 million in @circle feels like a win-win deep collaboration. For Binance, acquiring a stake in Circle at a price far below market value not only strengthens its stablecoin moat in the post-regulation era but also secures a highly lucrative share of USDC reserve interest. For Circle, it reduces dependence on Coinbase and leverages Binance's global traffic and incentive policies to massively expand its market scale.