In what has been described as a ‘groundbreaking’ partnership for USDC’s growth, its issuer Circle has partnered with Binance.
Under the new strategic partnership, Binance will now be able to offer the popular stablecoin to its large 240 million customer base on the largest cryptocurrency exchange platform in the world.
Circle and Binance will focus on fostering adoption for USDC to help it become a popular payment method and enable Binance users seamless access to the stablecoin for trading, saving and other payments use cases.
Additionally, Binance will adopt USDC as a dollar stablecoin for its own corporate treasury, a move that intends to bolster Binance’s payments capabilities.
“Circle is without a doubt one of the most trusted and innovative companies in the digital asset ecosystem, and USDC is one of the most preeminent products in the world,” said Richard Teng, CEO of Binance.
“Through our strategic partnership, our users will have even more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance.
“We will also work closely with Circle to drive innovation and utility for stablecoins globally. Working together as a team, we believe we can materially push forward the possibilities for the internet financial system.”
USDC is the second largest stablecoin in the market behind Tether’s USDT. Circle will hope the backing of Binance will enable it to close the gap on its competitor by providing the necessary technology, liquidity and other tools for its users to benefit from.
Circle will also work with Binance to build key relationships across the global finance and commerce landscape, as mainstream companies around the world are increasingly looking to benefit from crypto infrastructure and stablecoins for such payment use cases, such as cross-border payments.
The new partnership signals the end of tensions between Binance and Circle after the USDC issuer alerted the New York Department of Financial Services in February 2023 over the ‘mismanaged’ handlings of Binance’s native stablecoin BUSD, which it now no longer supports.
“Binance is an incredibly innovative company and has demonstrated a relentless commitment to product quality, innovation and user-centricity, all of which show in their massive and loyal global community of more than 240 million users,” added Jeremy Allaire, Chairman and CEO of Circle.
“With Binance rapidly becoming the world’s leading financial super app, and stablecoin adoption and utility at the core of this future financial system, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform.
“I’m thrilled to be working with the Binance leadership team as they continue to build the largest digital asset company in the world.”
