Binance partners with Circle to drive global USDC adoption

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

On December 11, during Abu Dhabi Finance Week, Binance revealed its strategic partnership with the stablecoin issuer. Circle Internet group that serves to drive global adoption of the Circle-issued stablecoin, USDC.

Thanks to this collaboration, Binance plans to integrate USDC into its products and services, making it available to over 240 million Binance users who want to access and use USDC to trade, save and make payments.

Additionally, Binance will also include USDC in its corporate treasury operations, indicating a major shift towards using the stablecoin for on-chain financial operations.

In return, Circle will provide Binance with the technology, liquidity, and tools needed to bring USDC infrastructure to users. Circle and Binance will also collaborate to build relationships across the global financial and business landscape.

Binance CEO Richard Teng said Binance and Circle will work together to drive utility and innovation for stablecoin adoption worldwide. He believes 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,” Teng said in a statement. press release.

Chairman and CEO of Circle, Jeremy Allaireexpressed similar optimism about the stablecoin issuer’s partnership with Binance, calling the crypto exchange an “incredibly innovative company” that has demonstrated 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 am excited to work with the Binance leadership team as they continue to build the world’s largest digital assets company,” said Allaire.

With the widespread adoption of stablecoins across the global financial landscape, more and more traditional businesses are interested in the benefits derived from using stablecoins as a payment option, as well as a gateway to the introduction of crypto industry.

Over the years, stablecoins have become one of the main drivers of cryptocurrency adoption globally. According to data from VISAStablecoins have been used to facilitate over a billion transactions, worth approximately $8 trillion.

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