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Homepage > News > Business > Binance/Circle USDC tie up targets Tether’s stablecoin dominance Binance and Circle have teamed up to boost the adoption of the USDC stablecoin, a move that calls into question the long-term future of Tether’s dominant USDT. On December 10, the Binance digital asset exchange and USDC-issuer Circle announced a “strategic partnership to accelerate global USDC and crypto adoption.” Binance will “integrate USDC across its products and services, making it more accessible to its 240 million users for trading, saving, and payments, while also adopting USDC for its corporate treasury operations.” Circle’s role will be to “provide Binance with technology, liquidity, and tools to enhance user trust and innovation, as both companies collaborate to drive stablecoin utility and innovation in the global financial system.” Circle CEO Jeremy Allaire tweeted that he’d “long admired Binance for their relentless commitment to product quality, innovation and user-centricity.” Allaire claimed Binance “continues to invest in robust compliance and risk management infrastructure” following the exchange’s $4.3 billion settlement with U.S. authorities to atone for its years of shoddy compliance and risk management. That settlement required Binance to accept two U.S.-appointed transaction monitors—Forensic Risk Alliance and Sullivan & Cromwell—tasked with ensuring the exchange was doing more than simply paying lip-service to compliance. Binance CEO Richard Teng—who replaced founder Changpeng ‘CZ’ Zhao after the latter was forced to resign and served four months in prison—claimed earlier this year that Binance’s 2024 compliance spending would top $200 million. Allaire’s tweet described the partnership as “the marriage of the largest and fastest growing compliant stablecoin” with the largest exchange by transaction volume. Allaire said this signaled “a major and material shift in the emerging crypto market structure as we enter 2025.” Binance has been signaling this shift for a while, warning this summer that its European customers could lose access to USDT due to…

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Filed under: News - @ December 12, 2024 2:25 pm