BREAKING NEWS:  Circle and Binance have entered into a strategic partnership that will accelerate global USDC and crypto adoption.  The world’s largest exchange and crypto super app and the world’s largest trusted and compliant dollar stablecoin operator are coming together to work on the next phase of stablecoin and crypto adoption.

Today, Binance CEO @_RichardTeng and I joined together on-stage in Abu Dubai Finance Week to announce our new and groundbreaking strategic partnership.

Through this partnership, Binance will make USDC more extensively available across their full suite of products and services, ensuring that their more than 240M global users are able to seamlessly access and use USDC for trading, saving and payments applications.

I’m also excited to share that Binance will adopt USDC as a vital dollar stablecoin for their own corporate treasury, demonstrating that one of the most sophisticated onchain treasury operations is putting their full faith behind USDC as a digital dollar for storing and moving value.

Through our collaboration, Circle will provide Binance with a range of technology, liquidity and other tools for Binance users to benefit from the trust and innovation that Circle has built for USDC.

We will also be coming together to work on products and partnerships that advance the use of stablecoins and crypto infrastructure in everyday finance and commerce all around the world.

I have long admired Binance for their relentless commitment to product quality, innovation and user-centricity, which shows in their massive and loyal global community of more than 240M users.  As a comprehensive service that spans investing, trading, saving, storing and payments, Binance is truly one of the world’s largest and most open financial superapp’s in the world.  And I look forward to being a close partner as they scale to 1B+ users in the coming years.

As Binance itself becomes one of the most widely regulated global exchanges, and continues to invest in robust compliance and risk management infrastructure, the marriage of the largest and fastest growing compliant stablecoin with their global platform marks a major and material shift in the emerging crypto market structure as we enter 2025.

There will be much to come from this partnership spanning products and how we bring our combined capabilities to the market. We look forward to sharing it all with you in the weeks, months and years ahead!

Jeremy

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More from @jerallaire

Aug 21, 2023
1/ Some major news from @circle and @coinbase on the future of $USDC in this joint blog post from @brian_armstrong and I (@jerallaire). circle.com/blog/ushering-…
Five years ago, we embarked on launching a new protocol for dollars on the internet (USDC), and came together with @coinbase to deliver on the vision of open, transparent and trusted dollar stablecoins. What started as a simple vision, has grown enormously.
And five years ago, there were no clear regulations around how to safely operate a trusted and transparent stablecoin, so we came together to create Centre Consortium to try and provide governance around USDC.
Read 8 tweets
Mar 23, 2023
Reflections on Post-SVB Market Dynamics

1/ We are getting lots of color and perspective from the market, and wanted share some of what I am seeing. There seems to be a large-scale risk-off from USD that is exposed to US banks and US regulatory risk.
2/ Deep market anxiety about general exposure to the US financial system, given aggressive regulatory actions on crypto and the risk of a large scale US banking system failure.
3/ Ironically, the players who have had the strongest position with US regulation and US banking system integration, are considered "un-safe", with fears that assets could be stranded.
Read 10 tweets
Mar 12, 2023
Update thread on USDC

We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.

100% of deposits from SVB are secure and will be available at banking open tomorrow.
100% of USDC reserves are also safe and secure, and we will complete our transfer for remaining SVB cash to BNY Mellon.

As previously shared, liquidity operations for USDC will resume at banking open tomorrow morning.
With the closure of Signature bank announced tonight, we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon.
Read 6 tweets
Mar 11, 2023
Sharing an Update on USDC and Silicon Valley Bank. circle.com/blog/an-update…
Tl;Dr: While USDC can be used 24/7/365 on chain, issuance and redemption is constrained by the working hours of the U.S. banking system.

USDC liquidity operations will resume as normal when banks open on Monday morning in the United States. As a practical matter, our teams are… twitter.com/i/web/status/1…
What just happened?

Silicon Valley Bank, a venerable and trusted partner to the US innovation economy, has just suffered a classic bank run, much like those we saw during the financial crisis in 2008.
Few traditional banks have sufficient liquidity to withstand such a run.

SVB… twitter.com/i/web/status/1…
Read 6 tweets
Dec 5, 2022
1/ Some big @circle news. This morning, we announced the termination of our proposed deSPAC transaction. While disappointing that we did not complete SEC qualification in time, we remain focused on building a long-term public company. circle.com/en/pressroom/c…
2/ From my perspective, I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.
3/ We also today shared our high-level Q3 financial results, with $274M in revenue, $43M in Net Income, and ~$400M on our balance. We are strong, growing, profitable and in the best financial position we've ever been in.
Read 5 tweets
Nov 9, 2022
gm

1/ Lots of FUD accruing out there, so another thread to help dispel the noise.
2/ Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle's crypto payments beta product uses FTX and other exchanges, for BTC/ETH liquidity.
3/ Alameda has been a customer of Circle for many years, using Circle's USDC service for creating and redeeming USDC. They have the exact same product and same terms of use as all of our institutional customers.
Read 11 tweets

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