Binance partners with Circle to drive global USDC adoption

Binance and Circle announced a strategic partnership that will integrate the USDC stablecoin into Binance products and services, making it more accessible to users.

On December 11, at Abu Dhabi Financial Week, Binance announced its strategic partnership with stablecoin issuer Circle Internet Group, which serves to increase global adoption of Circle-issued stablecoin USDC.

Through this collaboration, Binance plans to integrate USDC into its products and services, making USDC available to more than 240 million Binance users who want to access and use USDC to trade, save and pay.

Not only that, Binance will also incorporate USDC into its corporate treasury operations, marking a major shift towards using the stablecoin for on-chain financial operations.

In return, Circle will equip Binance with the technology, liquidity and tools necessary to provide users with the benefits of USDC infrastructure. Circle and Binance will also collaborate to build relationships in the global financial and trading environment.

Binance CEO Richard Teng stated that Binance and Circle will work together to drive utility and innovation towards stablecoin adoption worldwide. He believed that the exchange’s collaboration with Circle had the potential to rapidly advance the digital financial system.

“Through our strategic partnership, our users will have more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions for USDC across trading, and other products on Binance,” Teng said in a press release. .”

Circle President and CEO Jeremy Allaire expressed similar optimism about the stablecoin issuer’s partnership with Binance, calling the crypto exchange an “incredibly innovative company” with a deep commitment to improving product quality, innovation and user experience.

“It is a tremendous opportunity for USDC to become ubiquitous across the Binance platform. I am excited to work with the Binance leadership team as they continue to build the world’s largest digital asset company,” said Allaire.

With the widespread adoption of stablecoins across the global financial landscape, more mainstream companies are becoming interested in leveraging the benefits that come with using stablecoins as a payment option and gateway to the crypto industry.

Over the years, stablecoins have become a key driver of cryptocurrency adoption on a global scale. According to VISA data, stablecoins have been used to facilitate more than 1 billion transactions worth approximately $8 trillion.

Recently, Ripple Labs was approved by the New York Department of Financial Services to launch its RLUSD stablecoin, marking its entry into the $200 billion global liquidity market.