🔥 Circle and Binance join forces to promote USDC, challenging USDT's dominance
Another big move in the cryptocurrency circle! This Wednesday, Circle and Binance announced in Abu Dhabi that they will join forces to promote USDC, a stablecoin jointly owned by Circle and Coinbase, targeting Tether's USDT, aiming to challenge USDT's dominance!
The significance of this cooperation is not small. Now stablecoins are becoming more and more popular in the mainstream financial world, and everyone wants to get a piece of this market. Among them, Binance, the world's leading cryptocurrency exchange, is no exception. Binance has included USDC in all its products and services, allowing 240 million users around the world to use USDC for transactions, savings and payments.
Coinbase Vice President Shan Aggarwal congratulated the cooperation, saying that it would help increase the circulation of USDC and increase global economic freedom. Circle CEO Jeremy Allaire is also optimistic about this cooperation and thinks that Binance can make USDC a household name.
Binance CEO Richard Teng also announced that the exchange will launch more USDC trading pairs around the world and hold special promotions while exploring new uses for stablecoins.
However, the stablecoin market is still dominated by Tether's USDT, which has a market value of $138 billion, far exceeding USDC's $40 billion. Despite allegations of questionable accounting practices and links to illegal activities, Tether remains a big player in the market.
It is worth noting that Binance previously launched its own stablecoin BUSD, whose native token BUSD also has a market value of $23 billion, but ceased operations last year due to regulatory pressure. The partnership also represents Binance's commitment to regulation and compliance, and its determination to keep pace with Circle's USDC.
However, the partnership also involves a revenue-sharing arrangement among the three companies, which may complicate efforts to challenge Tether. Meanwhile, other competitors are not idle, such as Robinhood, Galaxy Digital, Kraken and Paxos, which recently formed an alliance to support Paxos' new stablecoin USDG.
It seems that the competition in the stablecoin market is becoming increasingly fierce. Let's wait and see how this stablecoin war will be fought!
