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Binance has formed a strategic partnership with Circle to integrate USD Coin (USDC) across its services, aiming to enhance accessibility and promote adoption.

This collaboration also positions USDC as a key corporate treasury asset for Binance, according to an announcement on Dec. 11.

Circle CEO Jeremy Allaire highlighted the partnership’s significance, pointing out that two of the sector’s most prominent firms would join forces to drive the next phase of stablecoin adoption and crypto innovation.

Binance is the largest crypto exchange by trading volume, while Circle is the issuer of the second-largest stablecoin by market cap.

The collaboration aims to significantly expand USDC adoption and support the development of the broader financial services ecosystem.

Binance plans to make USDC widely accessible across its range of products and services, offering its 240 million global users seamless trading, payments, and savings options.

As part of this initiative, Binance will integrate USDC as a key stablecoin for its corporate treasury operations. Circle will support this effort by providing technology, liquidity, and tools to enhance user experience.

Richard Teng, CEO of Binance, said:

“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.”

Meanwhile, the companies will also explore opportunities to drive stablecoin usage in global finance and commerce.

This move represents a significant shift for Binance, which previously discontinued USDC support in 2022 by converting deposits into its now-defunct native stablecoin, BUSD.

However, following regulatory pressures that led to BUSD’s wind-down in 2023, Binance has re-embraced USDC to strengthen its platform’s offerings and compliance posture.

Luke Youngblood, a contributor to Moonwell DeFi, noted that the collaboration aligns with anticipated regulatory developments in the US, including a potential stablecoin bill in mid-2025. Such legislation could make US-based issuers like Circle central part of the stablecoin ecosystem.

Meanwhile, several industry analysts believe this partnership could intensify competition with Tether‘s USDT, which dominates the stablecoin market with a $138 billion market cap.

Karen Tang, a partnership manager at Orderly Network, highlighted the rivalry, stating:

“This pits USDC and USDT head-to-head for market dominance.”

The post Circle looks to Binance to help USDC catch up with Tether in stablecoin adoption appeared first on CryptoSlate.

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