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Binance

Major Crypto Partnership: Binance And Circle Announce New Alliance For USDC Adoption

Ronaldo Marquez
by Ronaldo Marquez
8 months ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Binance and Circle established a strategic cooperation on Wednesday to increase adoption and utilization of the USDC stablecoin during an Abu Dhabi press conference.

According to Fortune, the cooperation between Binance, the world’s largest cryptocurrency exchange, and Circle, which co-founded USDC with Coinbase, intends to acquire a larger portion of this booming market, especially as new competitors emerge.

Circle To Leverage Binance’s Reach

Regulatory pressures have shaped the landscape significantly, particularly for Binance, which had faced scrutiny leading to the discontinuation of its BUSD coin in late 2023. 

Binance’s recent settlement with the US Department of Justice (DOJ) has paved the way for this collaboration, allowing the exchange to re-enter the stablecoin market under a more compliant framework.

Related Reading: Cardano Founder Reveals Bitcoin DeFi Roadmap For 2025

Kash Razzaghi, Circle’s Chief Business Officer, highlighted the mutual benefits of this alliance, stating: 

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.

This partnership not only allows Circle to leverage Binance’s extensive user base and global reach but also enables Binance to benefit from Circle’s established relationships with US regulators.

While the specifics of revenue sharing between the three entities—Binance, Circle, and Coinbase—remain undisclosed, it is clear that this alliance will enhance USDC’s visibility and usage across Binance’s platform. 

With Binance integrating USDC into its corporate treasury operations, the stablecoin’s overall supply is expected to increase, further solidifying its position in the market.

Is Tether’s Market Leadership In Jeopardy?

Despite its success, Tether (USDT), the leading force in this market sector, has consistently attracted criticism from regulatory bodies around the world for its transparency and regulatory compliance. 

While the company has consistently reported quarterly profits exceeding $1 billion, concerns about its reserve management and accounting practices persist. 

This mistrust may provide Circle and Binance with an opportunity to capture market share, especially among risk-averse financial institutions looking for stablecoin solutions.

According to Fortune, this new coalition is ready to challenge Tether’s dominance, especially as regulatory conditions change and new legislative frameworks arise to encourage bitcoin usage. 

The potential for a more favorable regulatory climate under the incoming Trump administration may further enable stablecoins like USDC to integrate into mainstream financial practices.

Related Reading: Ethereum Undergoes Critical Pattern Breakout, Bull Run Officially Begins

In addition to Tether, Binance and Circle will contend with emerging competitors like the Global Dollar Network, launched by Paxos and several other firms. This initiative aims to create a stablecoin that provides returns to its members, offering an alternative model that could disrupt the established players in the market.

As the landscape continues to shift, the next year will be crucial for determining whether USDC or another stablecoin can effectively challenge Tether’s dominance. However, the growing interest in stablecoins suggests that the market may expand enough to accommodate multiple successful players.

Binance
The daily chart shows BNB’s price trending upwards. Source: BNBUSDT on TradingView.com

At the time of writing, BNB is trading at $707, inching closer to its all-time high of $788 set on December 4, recording a 6% increase over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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