The cryptocurrency market has an array of companies working beneath one wing. While the trade has seen a number of rivalries amongst companies unravel prior to now, Binance and Coinbase appear to be teaming up on a brand new quest. According to latest data, Binance has partnered with the stablecoin community Circle to spice up the adoption of USDC. It ought to be famous that Circle shouldn’t be the one agency behind the stablecoin. Coinbase can be a part of the community.
Binance Dives Into The Stablecoin World (Again)
During the continuing Abu Dhabi Finance Week, Binance revealed its newest collaboration with Circle. Through this partnership, greater than 240 million purchasers can have entry to Circle’s USDC for buying and selling, financial savings, and funds. In addition, Binance may even use USDC as “a vital dollar stablecoin” for its company treasury. Binance CEO Richard Teng mentioned,
“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.”
It is value noting that this isn’t the primary time that Binance is exploring stablecoin waters. The agency had beforehand harbored BUSD, a stablecoin with a $23 billion market capitalization. However, in late 2023, it was pressured to close down BUSD resulting from heightened regulatory consideration over reported non-compliance.
Circle repeatedly denounced Tether and Binance as wildcat corporations at the moment. But the tables have clearly turned. Elaborating on the identical, Kash Razzaghi, Circle’s chief enterprise officer, added,
“Binance has undergone a deep transformation of its business, and over time, we mutually agreed that it made sense to pair one of the world’s most trusted and regulated stablecoins, USDC, with the world’s largest cryptocurrency exchange to prioritize the safety and security of their customers’ assets as the company focuses on improving its regulatory scorecard.”
A Look Into The USDC Market
Circle’s USDC at present stands because the eighth-largest cryptocurrency out there. With a market cap of $40.86 billion, USDC is the second-largest stablecoin. The each day buying and selling quantity of the asset at press time was $14.71 billion after a 21% drop.
