Circle and Binance partner to bolster USDC adoption

Circle, the issuer of US dollar pegged stablecoin USDC, and Binance, the world’s largest cryptocurrency exchange by user and trading volume, have announced a groundbreaking partnership.

The companies revealed the strategic partnership on December 11 at the Abu Dhabi Finance Week.

According to details in the announcement, the alliance will target global adoption of USDC and crypto.

In this case, the collaboration will see Binance expand USDC access and usability across its products and services.

What does this mean for USDC?

Integration means more of Binance’s over 240 million users across the globe will tap into the Circle stablecoin for their trading, payments and saving.

The exchange will also aid in USDC’s adoption by adding the USD-pegged stablecoin to its corporate treasury.

The two crypto ecosystem giants will also seek to leverage their technologies and footprint to accelerate overall industry growth.

Binance is set to benefit from more than Circle’s stablecoin technology – it will tap into the liquidity as well as other blockchain tools to enhance user trust.

The exchange also sees the partnership as key to traction across the global finance and commerce markets, with stablecoins now a major part of the traditional finance industry’s entry into the crypto market.

USDT dominates

Circle and Binance’s collaboration on USDC comes a few years after the exchange picked the now halted stablecoin BUSD over USDC.

However, with stablecoin regulation taking a clearer path across the world, this new alliance could help the Tether (USDT) competitor eat into its rival’s market share.

Currently, USDT outpaces USDC in market cap with $138 billion compared to $40 billion.

This growth for Tether just received a boost with approval in Abu Dhabi.

However, and notably, USDC is benefitting from Circle’s key regulatory milestones.

This includes being the first get approval in Canada and the EU.

This comes as some exchanges delist several stablecoins in the EU for non-MiCA compliance.

Meanwhile, Ripple has announced that its stablecoin Ripple USD (RLUSD) will soon launch for the public.