{"id":27550,"date":"2024-12-11T09:39:40","date_gmt":"2024-12-11T09:39:40","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=27550"},"modified":"2024-12-11T09:39:40","modified_gmt":"2024-12-11T09:39:40","slug":"circle-and-binance-form-partnership-to-boost-usdcs-global-presence","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=27550","title":{"rendered":"Circle and Binance Form Partnership to Boost USDC\u2019s Global Presence"},"content":{"rendered":"

Circle and Binance have announced a partnership to expand<\/span>\u00a0the global reach of USD Coin (USDC), a stablecoin with over $41 billion in assets under management. <\/span><\/p>\n

The collaboration, unveiled during Abu Dhabi Finance Week, goes beyond merely listing USDC on the Binance exchange\u2014where it is already available, according to a <\/span>recent report from Forbes<\/span><\/a>. <\/span><\/p>\n

Instead, the partnership seeks to integrate USDC more deeply into Binance\u2019s trading products and services, including additional USDC trading pairs and special promotions across trading platforms.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Binance Review and Comparison<\/span><\/a><\/strong><\/p>\n

Binance to Adopt USDC for Corporate Treasury<\/span><\/h2>\n

According to Richard Teng, Binance\u2019s CEO, the partnership will also see Binance adopting USDC for its corporate treasury, further integrating the stablecoin into its operations. <\/span><\/p>\n

According to Forbes, the exchange will work with Circle to strengthen relationships across the global finance and commerce sectors. <\/span><\/p>\n

Binance, the world\u2019s largest cryptocurrency exchange by trading volume, has faced reputational challenges since its founder Changpeng Zhao (CZ) resigned in November 2023. <\/span><\/p>\n

This came after a settlement with the U.S. Department of Justice, in which Zhao pled guilty to violations of anti-money laundering and sanctions laws and served time in federal prison. <\/span><\/p>\n

In addition to Zhao\u2019s departure, Binance paid a hefty $4.3 billion fine and exited the U.S. market entirely. However, Zhao remains the exchange\u2019s largest shareholder, holding billions of dollars in Binance\u2019s exchange token, BNB.<\/span><\/p>\n

For Circle, this partnership offers an opportunity to challenge the dominance of Tether (USDT), the world\u2019s largest stablecoin, with a market cap of $138 billion.<\/span><\/p>\n\n

(Source<\/a>)<\/p>\n

Although USDC and USDT were nearly on par during the 2022 crypto bear market, Circle\u2019s momentum took a hit when it was revealed that the company held reserves at Silicon Valley Bank, an event that weakened its position.<\/span><\/p>\n

However, by leveraging Binance\u2019s expansive user base of 240 million, Circle hopes to narrow the gap and boost USDC adoption globally.<\/span><\/p>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Circle Plans Public Debut<\/span><\/h2>\n

The partnership comes as Circle plans for its upcoming public debut. In January, Circle confidentially filed an S-1 with the U.S. Securities and Exchange Commission, preparing for an initial public offering in 2025. <\/span><\/p>\n

Circle\u2019s partnership with Binance also complements its ongoing relationship with Coinbase, the largest U.S.-based crypto exchange, which holds an equity stake in Circle and shares revenue from USDC reserves. <\/span><\/p>\n

Meanwhile, Binance continues to build its presence outside the U.S. and has made moves to improve its regulatory standing globally. <\/span><\/p>\n

As reported, Teng has <\/span>said <\/span>that it<\/span> is \u201ctoo early\u201d<\/span><\/a> to discuss the possibility of the crypto exchange re-entering the U.S. market following its forced exit in November 2023.<\/span><\/p>\n

\u201cWhether we re-enter the US market, I think that\u2019s a premature discussion,\u201d Teng said. The statement came despite the upcoming administration of President-elect Donald Trump, which is expected to be more pro-crypto.<\/span><\/p>\n

Meanwhile, Binance has accelerated its global expansion as of late. Earlier this year, the platform launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.\u00a0<\/span><\/p>\n

More recently, Indonesian crypto exchange Tokocrypto, a subsidiary of Binance, announced that it has\u00a0<\/span>secured a full license<\/span><\/a><\/strong>\u00a0from the country\u2019s Commodity Futures Trading Regulatory Agency (Bappebti).<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best Decentralized Exchanges for September 2024\u00a0<\/span><\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n

The post Circle and Binance Form Partnership to Boost USDC\u2019s Global Presence<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Circle and Binance have announced a partnership to expand\u00a0the global reach of USD Coin (USDC), a stablecoin with over $41 billion in assets under management. The collaboration, unveiled during Abu Dhabi Finance Week, goes beyond merely listing USDC on the Binance exchange\u2014where it is already available, according to a recent report from Forbes. Instead, the […]<\/p>\n","protected":false},"author":0,"featured_media":27551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27550"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27550"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/27551"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}