yolowire.com - Binance, the world's largest Cryptocurrency exchange, has formed a new partnership with Stablecoin giant Circle to accelerate global adoption of the USDC stablecoin.
Under terms of the partnership, Circle's USDC stablecoin will become available to about 240 million customers globally for trading, savings, and payments.
Binance will adopt the second-largest stablecoin for its own corporate treasury, according to an announcement by the two companies.
The partnership with Binance comes as Circle, which has $40 billion U.S. worth of USDC in circulation, tries to eclipse its bigger rival Tether, whose rival USDT stablecoin has a market capitalization of $140 billion U.S.
Circle often markets itself as offering a more regulated stablecoin than Tether and complying with global regulations pertaining to cryptocurrencies.
Stablecoins are cryptocurrencies whose underlying value is pegged to another asset, typically the U.S. dollar or gold bullion.
Typically, stablecoins are used as a tool for buying and selling other cryptocurrencies.
In a written statement announcing the partnership, Jeremy Allaire, Chairman of Circle, said: "With stablecoin adoption and utility at the core of the future financial system, this is a tremendous opportunity for USDC.”
As it is pegged to the American dollar, the USDC stablecoin trades at $1 U.S. and its price seldom fluctuates.