Circle and Binance have entered into a strategic partnership to support the financial services ecosystem and the development of global digital assets. The announcement of the alliance was made at Abu Dhabi Finance Week.
USDC bound for Binance treasury
Binance will make Circle’s USD Coin (USDC) more widely available on the exchange. “Users will have even more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance,” a Binance spokesperson told Cointelegraph. The person continued:
“Binance believes stablecoins have important use cases in the broader financial ecosystem — from using a USD-pegged stablecoin to hedge inflation in developing countries, to a lower-cost and efficient remittance tool, to a way to buy and sell other cryptocurrencies.”
Binance will adopt USDC into its corporate treasury, according to a statement provided to Cointelegraph.
Circle will provide Binance with technology and liquidity and will help Binance build relationships in global finance and commerce. Circle chairman and CEO Jeremy Allaire said in the same statement that “stablecoin adoption and utility at the core of this [Binance’s] future financial system.”
Related: USDC issuer Circle launches onchain compliance platform
Lots of action in Abu Dhabi
Circle also announced at Abu Dhabi Finance Week that it had incorporated an entity in the Abu Dhabi Global Market and finalized one more partnership.
Circle has partnered with LuLu Financial Holdings and its affiliates to facilitate remittances and cross-border payments using USDC. LuLu Financial manages over $10 billion in transactions annually, operating in Gulf Cooperation Council member states, the Indian subcontinent and the Asia-Pacific region.
Source: Circle
Circle is planning to move its headquarters to New York early in 2025 and conduct an initial public offering (IPO) when the United States Securities and Exchange Commission (SEC) allows it, the company said in September. Circle filed with the SEC for an IPO in January 2024.
Binance CEO Richard Teng was asked about the establishment of Binance’s headquarters while in Abu Dhabi on Dec. 9, Reuters reported. Teng responded, “We are still working very hard on this (the HQ). It’s a very complicated issue with many different complexities.”
Magazine: The real risks to Ethena’s stablecoin model (are not the ones you think)