WEB3
by BSCN
December 11, 2024
The partnership will make USDC more accessible to Binance's 240 million users, integrating it across Binance's various services like trading, savings, and payments.
Circle Internet Group Inc. and Binance revealed a strategic partnership focused on driving the global adoption of USDC, the popular stablecoin and support the development of digital assets and financial services ecosystem globally, at the Abu Dhabi Finance Week.
The goal of this strategic partnership is to provide more users with the ability to use USDC in a variety of applications. The partnership with Binance, which boasts over 240 million users globally, positions USDC for even greater utility in the global financial and digital asset ecosystems.
#Binance is thrilled to announce a strategic partnership with @Circle to enhance our ecosystem and bring more value to our users.
— Binance (@binance) December 11, 2024
Stay tuned for more updates! $USDC
Read more here ⤵️ https://t.co/toHpPg70ta pic.twitter.com/cVTkrI8oGF
Binance plans to integrate USDC across its full suite of products and services, ensuring access to USDC for its users for trading, savings, and payments applications. As part of the collaboration, Binance will also adopt USDC as a core stablecoin for its corporate treasury.
On the other hand, Circle is committed to providing the necessary technology, liquidity, and tools to ensure Binance’s users have access to a reliable and secure stablecoin. In addition, Circle will work with Binance to foster relationships with major players in global finance and commerce.
The collaboration is expected to open doors for mainstream companies to explore the growing crypto infrastructure and use stablecoins for a range of financial applications.
“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," said Richard Teng, CEO of Binance. "We will also work closely with Circle to drive innovation and utility for stablecoins globally."
This partnership comes at a time when Binance is undergoing a transformation to better comply with global regulatory frameworks. The collaboration with Circle, which is known for its strong ties to U.S. regulators, ensures that Binance can strengthen its position in the stablecoin market while aligning with regulatory requirements.
While revenue-sharing details remain unclear, it’s expected that this partnership will help both companies expand their reach and further cement USDC as a leading stablecoin.
Recently, Circle incorporated an entity in the Abu Dhabi Global Market (ADGM), marking a significant step in its expansion into the Middle East and Africa. Additionally, Circle entered into a partnership with LuLu Financial Holdings, a major financial services company in the region. This collaboration will enable the use of USDC for remittances and cross-border payments, facilitating near-instant payments with reduced transaction costs.
Circle’s partnership with LuLu Financial will focus on high-traffic remittance corridors between the Middle East, Asia, and Europe. By leveraging USDC, LuLu will reportdly benefit from increased liquidity, reduced volatility, and the speed and transparency offered by blockchain technology.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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