Circle and Binance have announced a strategic partnership to strengthen the global digital asset ecosystem and make USDC (USD Coin) more available and accessible across Binance’s platform. The announcement was made during Abu Dhabi Finance Week, a milestone in the progression of financial services and digital asset development on a global scale.
Circle will join forces with Binance, bringing USD Coin more prominently into Binance’s exchange. That includes more USDC trading pairs, special promos and many more ways for the stablecoin to be used across the various products on the platform. A Binance spokesperson said the move was to give users ‘more opportunity to use USDC on our platform’ and grow the token’s role in Binance’s ecosystem.
Binance To Integrate USDC, Strengthening Stablecoin Offerings Globally
Binance will also add USDC to its corporate treasury, which is a major move toward the stablecoin. Integrating USDC with the existing offering is consistent with Binance’s ongoing drive to provide users with more stable coin options and strengthen its foothold within the rapidly expanding digital asset space.
They will, in turn, provide Binance with the needed liquidity and technological support to help with that expansion. Circle will also help Binance build new relationships with people in the global finance and commerce sectors beyond its adoption of USDC. Circle Chairman and CEO Jeremy Allaire stressed that the adoption and utility of stablecoin are the foundation of this future financial system at Binance.
We have officially incorporated an entity in the @ADGlobalMarket, Abu Dhabi’s premier International Financial Centre, marking a milestone in our Middle East expansion, allowing us to provide $USDC to a rapidly growing digital market.
As part of our commitment to engage with the… pic.twitter.com/dAWfeuIeZR
— Circle (@circle) December 10, 2024
Circle’s and Binance’s partnership represents an exciting partnership for both sides. We pair Circle’s technology and liquidity expertise with the powerful reach and scale of the Binance user base to accelerate the growth of stablecoins as a leading digital asset class.
The news came as Circle unveiled the collaboration at Abu Dhabi Finance Week, revealing the formation of a new entity in the Abu Dhabi Global Market. Circle’s expansion in the Middle East is one of several global moves driven by its aim to increase the number of paying economies.
Additionally, Circle revealed a new partnership with LuLu Financial Holdings to support cross-border remittances and payments utilizing USDC. Located in the Gulf Cooperation Council member states, Indian subcontinent, and Asia Pacific regions, Circle brings a strategic partner for LuLu Financial, which processes over $10 billion worth of transactions annually to promote the use of USDC in key global markets.
Circle is looking to move its headquarters to New York at the beginning of 2025 to apply for an initial public offering (IPO) at some point after the U.S. Securities and Exchange Commission (SEC) approves. As a pioneering stablecoin and digital payments player, listing the company at this stage would be a key juncture for the company, which has filed for an IPO in January 2024.
Meanwhile, Binance is making its headquarters global, with CEO Richard Teng highlighting the complications of a decision like that. Teng visited Abu Dhabi on December 9 and said that the company is still working “very hard” on the headquarters, but he offered no firm pledge on where the headquarters will be located.
With Circle and Binance’s partnership in place, we are now in a new era for stablecoin adoption, as both companies pledge to leverage USDC towards traditional and new financial systems. The two companies have joined forces to spur innovation into digital finance and help enable broader stablecoin utility as an integral part of the global economic infrastructure.
Last month, Circle made huge moves in several key regions, such as Abu Dhabi, and the imminent arrival of Binance to introduce USDC on one of the world’s biggest cryptocurrency exchanges puts Circle and Binance at the very forefront of the stablecoin revolution and the shaping of the future of digital finance and international payments.
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