Circle and Binance team up to boost global USDC adoption
- Binance will adopt USDC into its corporate treasury and make the stablecoin more widely available to its 240 million users
- Circle will help Binance build relationships across the finance and commerce landscape
- Circles USDC is compliant with stablecoin regulations in Europe and Canada
Binance and Circle have entered a partnership designed to boost the adoption of the stablecoin USDC while supporting the development of global digital assets and a broader financial services ecosystem.
Jeremy Allaire, chairman and CEO of Circle, and Richard Teng, CEO of Binance, made the announcement at Abu Dubai Finance Week.
Through the partnership, Binance will make USDC more widely available on its platform, ensuring that their more than 240 million global users are able to seamlessly access and use USDC for trading, saving, and payments applications, an announcement said.
The crypto exchange will also adopt USDC into its corporate treasury. According to Allaire, Binance is putting their full faith behind USDC as a digital dollar for storing and moving value.
In return, Circle will provide Binance with tools and technology while helping Binance build relationships across the finance and commerce landscape.
In a post on X Allaire, said:
As Binance itself becomes one of the most widely regulated global exchanges, and continues to invest in robust compliance and risk management infrastructure, the marriage of the largest and fastest growing compliant stablecoin with their global platform marks a major and material shift in the emerging crypto market structure as we enter 2025.
BREAKING NEWS: Circle and Binance have entered into a strategic partnership that will accelerate global USDC and crypto adoption. The worlds largest exchange and crypto super app and the worlds largest trusted and compliant dollar stablecoin operator are coming together to pic.twitter.com/WO8w4rv3NZ
Jeremy Allaire jda.eth / jdallaire.sol (@jerallaire) December 11, 2024
A great year for Circle
In July, Circle became the first stablecoin issuer to secure regulatory approval under the European Unions Markets in Crypto-Assets (MiCA) regulations. Then in December, Circle became the first stablecoin issuer to receive approval from the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).
In September, Circle announced it was partnering up with Sony Block Solutions Labs to enable USDC on Soneium, an Ethereum layer 2 solution. Through the partnership, Allaire said it was Circles mission to accelerate the adoption of our stablecoins and blockchain technology.
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