Circle and Binance have announced a strategic partnership to expand the availability of USD Coin (USDC) on Binance’s platform for trading, saving, and payments. The announcement was made on December 11 on the Binance website.
According to Binance's press release, Circle Internet Group Inc. and Binance revealed their collaboration at Abu Dhabi Finance Week. The partnership aims to increase the adoption of the USDC stablecoin, enhance the global digital asset ecosystem, and improve financial services. Binance, which serves over 240 million users, will integrate USDC into its products and services, while Circle will provide technology and liquidity support.
Circle reports that it will supply Binance with the necessary technology, liquidity, and tools to ensure users benefit from the trust and innovation that Circle has built for USDC. Furthermore, Circle plans to collaborate with Binance to build key relationships across the global finance and commerce landscape as mainstream companies worldwide seek to leverage crypto infrastructure and stablecoins for a growing array of use cases.
According to Investopedia, USDC is backed 1:1 by U.S. dollar-denominated assets held in segregated accounts with U.S.-regulated financial institutions. This structure ensures that USDC maintains a stable value equivalent to the U.S. dollar, providing users with a reliable digital currency for transactions, trading, and savings. USDC operates on multiple blockchain networks such as Ethereum and Solana, facilitating fast and secure transactions across various platforms. As of December 2024, there are over 41 billion USDC in circulation.
The Binance website states that it was founded in 2017 by Changpeng Zhao as a global cryptocurrency exchange offering a comprehensive suite of services including trading, mining, staking, and non-fungible tokens (NFTs). Within 180 days of its launch, Binance became the world’s largest digital asset exchange by trading volume. Serving over 235 million users across more than 180 countries, Binance provides access to over 350 cryptocurrencies with competitive trading fees.
Circle was founded in 2013 by Jeremy Allaire and Sean Neville as a global digital financial technology company known for developing USD Coin (USDC), a fully reserved stablecoin pegged 1:1 to the U.S. dollar. Circle focuses on providing faster and more efficient financial transactions for applications such as cross-border payments, global dollar access, and crypto capital markets.