Quick take:
- Binance users will be able to deploy USDC for trading, savings and payments, the companies said in a statement.
- As part of the partnership, Binance will adopt USDC as a dollar stablecoin for its corporate treasury.
- Circle has also collaborated with traditional banks in Latin America and recently integrated with Stripe and Aptos.
Circle is tapping Binance to accelerate the global adoption of the USDC stablecoin. The Web3 company adds another milestone to its global expansion campaign that has this year seen it collaborate with National banks in Brazil and Mexico, and integrate with Aptos blockchain through Stripe.
In its partnership with Binance, the two companies will collaborate on promo campaigns across various trading products. Binance will also introduce more USDC trading pairs and adopt it as a dollar stablecoin for its corporate treasury.
The collaboration will allow Binance users to deploy USDC for trading, savings and payments, the companies said in a statement.
Commenting on the partnership, Binance CEO Richard Teng said in a statement: “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.”
Last week, the USDC also became the first stablecoin to meet the criteria for Canada’s new stablecoin rules. This follows the Canadian Securities Administrators’ recent introduction of a set of standards defining Value-Referenced Crypto Assets (VCRA), scheduled to go into effect next year.
Circle’s USDC is the world’s second-biggest stablecoin by supply with about $40.86 billion, with Tether’s USDT significantly ahead with a market cap of $138.62 billion.
Jeremy Allaire, chairman and CEO of Circle commented: “With Binance rapidly becoming the world’s leading financial super app, and stablecoin adoption and utility at the core of this future financial system, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform.”
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