Crypto Exchange Binance has been used in conjunction with the USDC-Issuer circle to expand a stable global ecosystem. The two companies announced the interval development of the ongoing Abu Dhabi Financial Week on Wednesday, December 11. Binance claims that through this partnership, it hopes to testify to the evolving on-chain finance sector. As for Circle, its USDC Stablecoin (pegged to the dollar) may be adopted among Binance users, especially as countries such as China and Russia are accelerating their efforts to reduce their dependence on financial settlements relying on U.S. fiat currencies.
Binance said in a press release that it will adopt USDC Stablecoin to maintain its Treasury Department. The exchange exceeded 200 million user trademarks in June. As part of this partnership, Binance said it will launch more trading pairs including USDC Stablecoin.
“Our users will have more opportunities to use USDC on our platform, including special promotions across transactions and other products. We will also work closely with Circle to drive innovation and practicality of Stablecoins globally.” Binance Chief Executive Richard Teng said in a prepared statement.
USD Coin (USDC) was launched in October 2018 and traded with USD at a 1:1 ratio. Currently, its revolving supply exceeds 40.8 billion tokens, and its market valuation has also reached US$400.87 billion (approximately Rs 34.6 billion). USDC is the sixth most valuable crypto asset, according to data shown in CoinMarketCap.
Circle has recently become the first stable issuer to comply with regulations in Canada. This means that USDC Stablecoin is officially available for Canadian citizens to invest and hold. In addition, Circle also has operating licenses in the EU and the US.
Commenting on the partnership with Binance, Jeremy Allaire, Circle CEO, said: “This is a huge opportunity for USDC as it becomes ubiquitous.”
“Through this partnership, Binance will enable USDC to be more widely available in its complete suite of products and services to ensure that its more than 240 million global users can seamlessly access and use USDC for transactions, savings and Payment application. ” Post on X.
Breaking News: Circle and Binance has established a strategic partnership that will accelerate global USDC and Crypto adoption. The world’s largest exchange and crypto superapp and the world’s largest trusted and compliant dollar stable enterprise operator is about to become… pic.twitter.com/wo8w4rv3nz
– Jeremy Allaire – jda.eth / jdallaire.sol (@Jerallaire) December 11, 2024
As part of the deal, Circle will access specially designed Fintech tools for Binance and its users, which have been developed to improve security and adopt USDC StableCoin. The company has not provided details on the software provided to users.
