Circle, the issuer of the world’s second-largest dollarized stablecoin USDC, announced today, December 11, a strategic partnership with Binance, the largest cryptocurrency exchange. This partnership could be the turning point USDC needs to dethrone Tether’s USDT and cement itself as the leading stablecoin in the market. In a significant development, USDC, boosted by the partnership with Binance, could become the dominant stablecoin in the market.
The news was announced during Abu Dhabi Finance Week, with the CEOs of both companies, Jeremy Allaire and Richard Teng, respectively, celebrating the new partnership. In an official release on the X platform, Allaire highlighted the importance of integration.
“Circle and Binance have entered into a strategic partnership that will accelerate the global adoption of USDC and cryptocurrencies. The world’s largest cryptocurrency exchange and super app, and the world’s largest and most trusted operator of dollar-denominated stablecoins, are coming together to work on the next phase of stablecoin and crypto adoption. Today, Binance CEO Richard Teng and I joined on stage at Abu Dhabi Finance Week to announce our groundbreaking new strategic partnership.”
Binance will adopt USDC as a reserve for US dollars and integrate the stablecoin into its products and services, while Circle will provide the exchange with the technology, liquidity, and other tools necessary for this integration.
“Through this partnership, Binance will make USDC more widely available across its full suite of products and services, ensuring that its 240+ million global users can seamlessly access and use USDC for trading, savings, and payments applications. I’m also excited to share that Binance will adopt USDC as a core dollar stablecoin for its own corporate treasury, demonstrating that one of the most sophisticated on-chain treasury operations is putting its full faith in USDC as a digital dollar for storing and moving value,” said Allaire.
This partnership between two of the largest companies in the cryptocurrency industry has the potential to drive the adoption of USDC on a global scale. The strategic partnership between Circle and Binance represents a major milestone for the stablecoin market and could spark a new dynamic of competition between USDC and USDT.
At the time of publication, the USDC price is trading at $0.9997 with a 0.1% increase in the last 24 hours. Currently, the market cap of USDC is $40.8 billion, while USDT has a market cap of $138.6 billion.
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