- A new partnership between Binance and Circle will integrate USDC across Binance’s platform for 240 million users worldwide.
- USDC will be used in Binance’s corporate treasury, enhancing stablecoin adoption for on-chain financial operations.
- This collaboration supports the rapid growth of stablecoins, positioning USDC for broader use in global finance and commerce.
Binance has come into a strategic agreement with Circle Internet Group during the Abu Dhabi Finance Week on 11th of December to boost the integration of the USDC stablecoin. Through this partnership, platform will offer USDC in all its products and services and make it accessible to over 240 million users for trade, income, and payment.
Under the deal, platform will also use USDC for its corporate treasury transactions, which will increase the utilization of stablecoins for on-chain transactions. In return, Binance will offer Circle the technology, liquidity and instruments needed to support this endeavour as well as plans to establish deeper partnerships within the global financial and commercial sectors.
Binance and Circle Collaboration
Richard Teng, Binance CEO, said that the partnership has the potential to lead to a widespread adoption of stablecoins globally. He also noted that the integration of USDC will improve its usage on the platform and add new trading pairs and special offers associated with USDC across all platform services.
Jeremy Allaire the chairman and CEO of Circle had similar sentiments to express about exchange, saying that platform is an incredibly innovative company that has done a great job in terms of user experience and product development. He said that this partnership is a significant improvement for USDC since it has the possibility of being available in every part of Binance’s platform. Allaire said this is a great opportunity for USDC as it increases usage across platform and further establish USDC in the digital asset market.
Binance-Circle Leading Innovation
The increasing use of stablecoins mainly in the finance industry has drawn the interest of traditional companies to leverage on the use of crypto for payments and other financial transactions. The adoption has been accelerated by stablecoins which are USD-coins-backed tokens that have seen over 1 billion transactions valued at approximately $8 trillion according to VISA.
The partnership is also in line with other industry trends like the approval of Ripple Labs by the New York Department of Financial Services to launch its RLUSD stablecoin. As the current global stablecoin market stands at around $200 billion, the Binance-Circle partnership will surely be one of the pioneers in the digital finance industry.
