Binance and Circle formed a strategic alliance to broaden the adoption of the stablecoin USD Coin (USDC) and support the development of global digital assets and the wider financial services ecosystem. In this way, the largest cryptocurrency exchange opts for the main competitor of USD Tether (USDT).
According to the agreement, Binance will make USDC available across its complete set of products and services, ensuring that its more than 240 million global users can access and "use USDC seamlessly for trading, saving, and payment applications."
Additionally, Binance will adopt USDC, which has a market capitalization of USD 40.6 billion, as a vital dollar stablecoin for its own corporate treasury. For its part, Circle will provide Binance with the technology, liquidity, and other necessary tools for exchange users to fully utilize this cryptocurrency.
In turn, Circle will promote alongside Binance the creation of "key relationships" across the global financial and commercial landscape, as major companies worldwide "seek to benefit from cryptocurrency infrastructure and stablecoins for an increasingly broad range of use cases," according to Circle.
Richard Teng, the CEO of Binance, stated that through this partnership, its users will have even more opportunities to use USDC on the platform, including more USDC trading pairs, special promotions on this stablecoin in trading, and other products on Binance.
"We will also work closely with Circle to drive innovation and utility of stablecoins globally. By working together as a team, we believe we can materially advance the possibilities of the Internet financial system," said the executive.
