Leading cryptocurrency exchange in the world Binance Circle is a U.S. stablecoin issuer that has been working to promote the use of this currency. USDC stablecoin.
They hope to collaborate in the future. “support the development of the global digital assets and broader financial services ecosystem.”
This crypto exchange will extend USDC to its trading platform, savings applications, and payment apps.
Binance and Cirlce have not replied Decrypt’s Press release: Request for comment
Furthermore, Binance will adopt USDC as the primary stablecoin in its treasury—an action described in the announcement as “a powerful signal about the world moving on-chain.” Circle will, however, provide Binance the technology and liquid assets necessary to enhance its service.
This announcement comes after the leading stablecoin Tether stopped minting its Euro-backed stablecoin EURT in November due to EU regulation pressure.
Consumers’ Research reported in September, that Tether’s USDT (the world’s leading stablecoin backed by the dollar) is characterised by an absence of transparency about stablecoin issuer Tether’s U.S. Dollar reserves.
The USDT (USDT) is a currency that was introduced in the United States. “disaster for consumers waiting to happen,” According to the organization’s findings, this is largely due to Tether not having a complete audit of its dollar reserves by a reliable accounting firm. Binance, and possibly other exchanges could be forced to remove Tether stablecoins from their list if the European Union implements its Markets in Crypto-Assets Regulation framework (MiCA).
Circle, on the other hand, secured a MiCA-valid license this summer—offering Binance access to a stablecoin that may end up critically important in serving the EU market. This exchange has had its own stablecoin for some time. Last year, regulatory pressure forced Binance to abandon its Binance USD(BUSD), stablecoin.
Paxos was Binance’s stablecoin issuance partner, and the SEC had conducted an investigation into the project. The SEC did not take any enforcement actions, but the New York Department of Financial Services ordered the issuer to cease minting BUSD.
Stacy Elliott is the editor.