The two companies are partnering on new stablecoin initiatives centered on USDC
Circle and Binance have announced a strategic partnership aimed at expanding the global adoption and utility of stablecoins. This collaboration was unveiled during Abu Dhabi Finance Week and emphasizes the growing role of stablecoins like USD Coin (USDC) in modern financial systems.
We have officially incorporated an entity in the @ADGlobalMarket, Abu Dhabi’s premier International Financial Centre, marking a milestone in our Middle East expansion, allowing us to provide $USDC to a rapidly growing digital market.
As part of our commitment to engage with the… pic.twitter.com/dAWfeuIeZR
— Circle (@circle) December 10, 2024
As part of the partnership, Binance plans to integrate USDC more comprehensively into its platform. This move will include introducing additional USDC trading pairs and special promotions to enhance its presence across various products and services.
Binance also revealed that USDC would be incorporated into its corporate treasury, underlining its confidence in the stablecoin’s potential. A spokesperson for Binance highlighted the versatility of stablecoins, noting their value as tools for hedging inflation in developing nations, enabling efficient remittances, and facilitating cryptocurrency transactions.
Circle will support Binance by providing liquidity and technological solutions while also assisting in building connections within the global financial sector. Circle’s CEO, Jeremy Allaire, emphasized the importance of stablecoin adoption as a cornerstone of the financial ecosystem Binance envisions for the future.
During the same event, Circle announced the incorporation of a new entity in the Abu Dhabi Global Market and unveiled a partnership with LuLu Financial Holdings. This collaboration aims to streamline cross-border payments and remittances using USDC, targeting key regions such as the Gulf Cooperation Council countries, the Indian subcontinent, and the Asia-Pacific.
Looking ahead, Circle plans to establish its headquarters in New York by early 2025 and has filed for an initial public offering. Meanwhile, Binance’s CEO, Richard Teng, addressed ongoing efforts to determine a headquarters for the exchange, acknowledging the complexities involved in such a decision.
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