Two major cryptocurrency firms, Binance and Circle, have collaborated to advance the global stablecoin market. The development surfaced following an announcement at the Abu Dhabi Finance Week.
More so, Binance, in a post on its official page on X, also confirmed the collaboration. In the post, the exchange revealed that it has signed a strategic partnership with Circle to support the financial services ecosystem and the advancement of the cryptocurrency market.
As indicated, Binance added that it would make the USDC stablecoin developed by Circle more available on its cryptocurrency trading platform. Furthermore, the exchange disclosed that the partnership will create more avenues for cryptocurrency enthusiasts to use the stablecoin.
According to Binance, USDC will enjoy more trading pairs and special promotions with the aim of supporting the stablecoin to become more relevant in the broader digital assets market. The exchange emphasized the importance of stablecoins in the cryptocurrency sector.
The exchange further describes how stablecoins can serve crucial purposes like hedging against inflation, cheap cross-border transactions, and alternative means of accessing other digital assets. Further, Binance revealed that it will include USDC in its corporate treasury.
Likewise, Circle, as part of its commitment to the strategic partnership, will support Binance with advanced technology and liquidity that will aid the exchange in building various synergies.
How Circle is Pursuing Market Expansion
The chairman and CEO of Circle, Jeremy Allaire, explained its new partner is committed to the adoption and utility of stablecoin. Similarly, during the event, Circle also revealed its incorporation of an entity in the Abu Dhabi Global Market.
Also, the firm partnered with LuLu Financial Holdings and its affiliates to use USDC to facilitate remittances and cross-border payments. Currently, Circle aims to transfer its headquarters to New York by next year.
By that, the firm will occupy one of the top floors of the World Trade Center. With this strategic move, Circle will pursue the development of web3 and enhance the functionality of the US dollar.
The partnership with Binance surfaced shortly after Circle launched its blockchain-powered compliance service to assist firms in designing to meet various compliance demands. Likewise, the tool; Compliance Engine comes with a transaction screening and monitoring tool to spot illegal transactions.
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