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USDC is the second largest stablecoin, with a market capitalization of $40.6 billion.
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Circle will provide technology, liquidity and “other necessary tools” to Binance.
Binance and Circle have formed a strategic alliance to expand adoption of the stablecoin Cryptocurrency USD Coin (USDC) and support the development of global digital assets and the broader financial services ecosystem. In this way, the largest cryptocurrency exchange opts for the main competition of USD Tether (USDT).
According to the agreementBinance will make USDC available across its full suite of products and services, ensuring that its more than 240 million global users can access and “seamlessly use USDC for trading, savings and payment applications.”
Additionally, Binance will adopt Blockchain/” target=”_blank” rel=”noreferrer noopener”>USDCwhose market capitalization is USD 40.6 billion, as a dollar stablecoin vital to its own corporate treasury. For its part, Circle will provide Binance with the necessary technology, liquidity and other tools so that exchange users can fully use that cryptocurrency.
In turn, Circle will promote with Binance the creation of “key relationships” across the global financial and commercial landscape, as major companies around the world “seek to benefit from cryptocurrency infrastructure and stablecoins for an increasingly diverse range.” broader use cases,” according to Circle.
Richard Teng, the CEO of Binance, stated that through that partnership, its users will have even more opportunities to use USDC on the platform, including more USDC trading pairs, special promotions on that stablecoin in trading and other products on Binance.
“We will also work closely with Circle to drive the innovation and utility of stablecoins globally. “By working together as a team, we believe we can materially advance the possibilities of the Internet financial system,” the executive said.
This alliance between Binance and Circle occurs in a context in which Binance Seeks to Be Increasingly Adherent to Regulations and Compliancetaking into account that Circle, and more precisely its USDC cryptocurrency, is one of the most regulated and centralized on the market.
In this way, Binance ends up opting for direct competition from USD Tether (USDT)which is the largest stablecoin by market cap, surpassing USD 138.7 billion.
For months now, Binance I already turned my back on USDTmainly by taking this stablecoin out of its Secure Asset Fund for Users (SAFU) and converting all holdings to USDCas CriptoNoticias reported last April.
This strategic change reflects Binance’s clear intention to align itself with more regulated and transparent options, seeking to strengthen its position in an increasingly scrutinized market by global regulators.
This move could influence how other platforms and users perceive and use stablecoins in the future, possibly tipping the scales toward USDC. to the detriment of other less regulated options.
This article was created using artificial intelligence and edited by a human Editor.
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