Binance and Circle announced a strategic partnership that would integrate the USDC stablecoin into Binance products and services, making it more accessible for users.
On Dec. 11 at the Abu Dhabi Finance Week, Binance unveiled its strategic partnership with stablecoin issuer Circle Internet Group that serves to boost global adoption for the Circle-issued stablecoin, USDC.
Through this collaboration, Binance plans to integrate USDC across its products and services, making it available for more than 240 million Binance users who wish to access and use USDC for trading, saving, and making payments.
Not only that, Binance will also include USDC in its corporate treasury operations, indicating a major shift towards the use of the stablecoin for on-chain financial operations.
In return, Circle will equip Binance with the technology, liquidity, and tools necessary to bring users benefits from the USDC infrastructure. Circle and Binance will also collaborate to build relationships across the global finance and commerce landscape.
CEO of Binance, Richard Teng stated that Binance and Circle will work together to drive utility and innovation for stablecoin adoption worldwide. He believed that the exchange’s collaboration with Circle has the potential to rapidly advance the digital financial system.
“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,” said Teng in a press release.
Chairman and CEO of Circle, Jeremy Allaire, expressed a similar optimism towards the stablecoin issuer’s partnership with Binance, calling the crypto exchange “an incredibly innovative company” that has shown a deep commitment to improving product quality, innovation, and user experience.
“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,” said Allaire.
With the widespread adoption of stablecoins in the global finance landscape, more mainstream companies are becoming interested in reaping the benefits that come from utilizing stablecoins as a payment option, as well as a gateway to introducing the crypto industry.
Over the years, stablecoins have become a primary driver of crypto adoption on a global scale. According to data from VISA, stablecoins have been used to facilitate more than 1 billion transactions, with a value equal to around $8 trillion.
Most 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.
