99Bitcoin’s Arijit Mukherjee reports from Abu Dhabi Finance Week (ADFW) where crypto industry giants – Binance and the issuer of USD Coin (USDC) stablecoin – Circle have come together to strengthen and expand the adoption of USDC and support the development of global digital assets and broader financial services ecosystem.
The collaboration, announced on 12 December 2024, is set to unite the trusted and compliant USDC digital dollar with the world’s largest platform for digital asset usage.
#Binance is thrilled to announce a strategic partnership with @Circle to enhance our ecosystem and bring more value to our users.
Stay tuned for more updates! $USDC
Read more here
https://t.co/toHpPg70ta pic.twitter.com/cVTkrI8oGF
— Binance (@binance) December 11, 2024
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Binance CEO: “Stablecoins and cryptos are a very important part of financial inclusion”
Unveiling the collaboration on stage during a fireside chat, Richard Teng, CEO of Binance iterated, “Stablecoins and cryptos are a very important part of financial inclusion.”
As per Teng, financial inclusivity in many countries and regions is very low at 10 to 20%, leaving 80% of the population out of the financial system.
In his opinion, in the last few years, the masses have embraced cryptosand stablecoins due to their emergence as a fast and efficient payment option.
Binance, through this partnership, will make USDC available extensively across its full suite of products and services to its global user base of more than 240 million, ensuring seamless access to USDC for trading, saving and payment applications, further promoting financial inclusion.
Also, as an indication of the world moving on-chain, Binance will adopt USDC as a vital stablecoin for their corporate treasury.
With the world adoption rate of crypto standing at a mere 6-7%, with variations across regions, Teng said that he is confident that the rate of adoption, innovation and utility of crypto will grow exponentially over the next few years.
Related: Elon Musk, Ripple Legal Chief, Vivek Ramaswamy Challenge SEC’s Regulatory Approach
Circle CEO Takes ADFW Attendees By Surprise
Jeremy Allaire, Chairman and CEO of Circle was not scheduled to take stage during Teng’s fireside chat but did so to surprise the audience with the live announcement of the collaboration.
Providing an interesting perspective on the adoption of USDC, Allaire said, “USDC is already widely adopted all around the world, in over 150 countries. Anyone with a Web3 wallet can transact with other people.”
“We see the use of USDC moving around the world the same way as we see e-mail or messages moving around the world,” he added.
Furthermore, he predicted, “In five years, we will be exchanging value as we exchange information, and it will be seamless.”
The live announcement on stage was followed by an official news release by both partnering companies.
“With Binance rapidly becoming the world’s leading financial super app, and stablecoin adoption and utility at the core of this future financial system, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform,” stated Allaire. “I’m thrilled to be working with the Binance leadership team as they continue to build the largest digital asset company in the world.”
Echoing Allaire’s sentiment, Teng said “Circle is without a doubt one of the most trusted and innovative companies in the digital asset ecosystem, and USDC is one of the most preeminent products in the world. Working together as a team, we believe we can materially push forward the possibilities for the internet financial system.”
Circle, with its capabilities, brings to the table technology, liquidity, and tools needed for Binance’s users to leverage the trust and innovation behind USDC. The partnership also extends to the global finance and commerce sectors, supporting mainstream companies worldwide in adopting crypto infrastructure and stablecoins for a growing range of applications.
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