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- The collaboration between Circle and Binance will drive the usage of USDC in various applications such as trading, savings, and payments.
- The partnership is seen as a major step for the crypto industry enhancing stablecoin and crypto infrastructure for everyday finance and commerce.
Circle, operator of the USDC stablecoin, and Binance, the world’s largest crypto exchange, today announced a strategic partnership. Both parties hope will accelerate the adoption of USDC and cryptocurrencies worldwide. Thus, the crypto community was elated as Circle CEO Jeremy Allaire and Binance CEO Richard Teng announced the deal in a session at the Abu Dhabi Finance Week.
About Circle & Binance’s Partnership
Allaire described the collaboration as a groundbreaking move for the crypto industry. “The world’s largest exchange and crypto super app and the world’s largest trusted and compliant dollar stablecoin operator are coming together to work on the next phase of stablecoin and crypto adoption,” he wrote on X.
This partnership will enable Binance to integrate USDC in its entire product line of services, thereby bringing stablecoin to its over 240 million users worldwide. Moreover, the collaboration will drive the usage of USDC in trading, savings, and payment applications. Binance will also accept USDC as a central treasury component of its operations.
“I’m also excited to share that Binance will adopt USDC as a vital dollar stablecoin for their own corporate treasury,” Allaire confirmed. He emphasized that Binance’s decision demonstrates confidence in USDC as a reliable digital dollar for storing and transferring value. Additionally, Circle is also part of Trump’s advisory council on crypto, which could benefit the firm in the future, per the CNF report.
Additionally, the deal will include providing Binance with the stablecoin’s ecosystem of technology, liquidity, and tools through Circle. Allaire appreciates the mutual benefit the two have. He stated, “We will also be coming together to work on products and partnerships that advance the use of stablecoins and crypto infrastructure in everyday finance and commerce all around the world.”
Top Executive Comments On The Partnership
In addition, Allaire commended Binance for its user-centric methodology and reach. “As a comprehensive service that spans investing, trading, saving, storing, and payments, Binance is truly one of the world’s largest and most open financial super apps,” he stated. He further commended Binance for its growing compliance measures and arguably “one of the widest global regulated exchanges.”
The collaboration happens at a time when the world of crypto is seeing increasing mainstream focus on stablecoins and blockchain technology. According to Allaire, this is one of the most significant structural changes that will take place in the market.
The marriage of the largest and fastest-growing compliant stablecoin with their global platform marks a major and material shift in the emerging crypto market structure as we enter 2025,
Moreover, both Circle and Binance have new products in the pipeline and will enhance their strategic cooperation in the near term. Binance’s Richard Teng also chimed in, “Circle is without a doubt one of the most trusted and innovative companies in the digital asset ecosystem, and USDC is one of the preeminent products in the world.”
He added, “Through our strategic partnership, our users will have even more opportunities to use USDC on our platform.” According to the release, these opportunities include “more USDC trading pairs, special promotions on USDC across trading, and other products on Binance.”
As reported by CNF last month, stablecoin issuer Circle is also preparing for an IPO in the Hong Kong market, which seeks to establish itself as Asia’s crypto hub.
