Circle, the issuer of the USDC stablecoin, and Binance, one of the world’s largest cryptocurrency exchanges, have unveiled a new strategic partnership to promote the stablecoin globally. And it goes further. The pact includes using USDC to take market share from Tether, which owns the largest stablecoin on the market.
To infinity and beyond
Circle’s USDC token is jointly owned by Coinbase, marking an alliance between two major exchanges with a long-standing rivalry. Now, the platforms have joined forces to expand the use of USDC across a range of digital financial platforms. The alliance aims to accelerate the integration of digital solutions into the global financial market and open up new possibilities for users and businesses.
USDC Expansion on Binance and Treasury Strategy
As part of the agreement, Binance will expand the USDC offering on its platform, enabling more than 245 million users around the world to utilize the stablecoin for transactions, payments, and other financial operations.
The initiative aims to facilitate access to USDC and increase its use among Binance customers by simplifying the trading process and managing crypto assets. In addition, Binance will adopt USDC as a primary stablecoin in its treasury reserves. This is, in fact, an important step towards the consolidation of blockchain technology and its integration with the traditional financial system.
The decision to use USDC as a reserve also reinforces confidence in stablecoins by bringing them in line with conventional financial practices. This is because Tether has invested heavily in the stablecoin. Today, on-chain data revealed that Tether has just minted USDT tokens worth $1 billion.
Technology and strategic partnerships between Binance and Coinbase’s Circle
Circle, in turn, will provide Binance with not only the stablecoin, but also the technical support and liquidity necessary for the exchange to offer an efficient and innovative service to its users.
The partnership goes beyond product integration. It includes collaboration in strategic areas, with a focus on building global relationships and expanding cryptocurrency adoption among companies and traditional financial institutions.
“With Binance quickly establishing itself as the world’s largest financial super app, and with the adoption and utility of stablecoins at the heart of this future financial system, this is a great opportunity for USDC to become ubiquitous on the Binance platform. I am excited to work with the leaders at Binance as they continue to build the world’s largest digital asset company,” said Circle President and CEO Jeremy Allaire.
This collaboration reflects both companies’ vision for the future of digital finance, with an emphasis on stability and innovation. The collaboration reinforces the position of USDC, which is expected to play an increasing role as the cryptocurrency market continues to mature.
“Circle is undoubtedly one of the most trusted and innovative companies in the digital asset ecosystem, and USDC is one of the most prominent products in the world,” said Richard Teng, CEO of Binance. “Through our strategic partnership, our users will have even more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions, and other USDC-related products on Binance.”
The article Circle and Binance Together Want to Boost Global Crypto Adoption via USDC appeared first on BeInCrypto Brasil.
