Binance partners with Circle to integrate USDC stablecoin for 240M global users.
USDC will enhance Binance’s trading, savings, and corporate treasury operations.
Stablecoins drive crypto adoption as Visa reports $8 trillion in stablecoin transactions.
Binance revealed the plan on the 11th of December during Abu Dhabi Finance Week that it has partnered with Circle to include USDC stablecoin. The plan is to increase the usage of USDC across the world and reach more than 240 million Binance users. This integration will enable users to trade, store, and complete transactions in USDC seamlessly. In addition, USDC will be integrated into Binance’s corporate treasury for better exchange on-chain functionality.
Circle will give Binance the technology, liquidity, and tools to fully unlock USDC’s value to its users. Both platforms are also focused on developing USDC across global finance and commerce.
Richard Teng, CEO of Binance, announced that the partnership will accelerate the global use of stablecoins. He stated:
Circle is without a doubt one of the most trusted and innovative companies in the digital asset ecosystem, and USDC is one of the preeminent products.
Jeremy Allaire, CEO of Circle, also expressed enthusiasm for the partnership. He said Binance is ‘an incredibly innovative company’ that has been working on enhancing its product quality. He added, “This is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform.”
Global Stablecoin Adoption
Stablecoins have emerged as the cornerstone of cryptocurrency adoption. Over the years, they have also helped other, more traditional companies get involved in crypto. According to Visa, stablecoins have processed over one billion transactions with a combined value of $8 trillion.
Binance’s decision comes as other major participants in the crypto market, including Ripple Labs, are also seeking to develop stablecoin products. Ripple’s newly approved stablecoin, the RLUSD, joins the global liquidity market worth $200 billion.
This Binance-Circle deal shows that stablecoins are slowly but surely being adopted as an important part of the new digital economy. In the future, USDC and other stablecoins will be more significant in bridging the gap between cryptos and fiat money.
The partnership between Binance and Circle is in response to the growing acceptance of digital currencies as payment. Given that more firms are now seeking to adopt them, stablecoins will further fuel the expansion of the global crypto market.
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