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During the collapse in 2022, cryptocurrency markets resembled a battleground, making survival increasingly difficult. Companies that failed to manage their cash reserves effectively faced collapse. Additionally, risky positions taken with customer assets led to significant bank run events in the crypto sector.
Binance Excluded USDC
Recall that there were days when Binance excluded USDC from its platform. During that time, Binance CEO CZ directly targeted Coinbase’s CEO, stating risks associated with platforms he perceived as vulnerable due to their comments regarding potential bankruptcies. The Coinbase CEO warned that the accusations against them could have severe consequences, given their status as a publicly traded company.
Later, Binance USD (BUSD) faced legal challenges and became obsolete. Throughout this period, Binance reduced its USDC pairs while expanding its pairs with alternative stablecoins, openly opposing USDC. Circle claimed that this situation was temporary and assured that they would continue to grow.
Binance’s Partnership Announcement
Today, we find ourselves in a completely different environment compared to those chaotic days. Just hours ago, Circle and Binance announced a strategic partnership agreement. This partnership will enable Binance to integrate USDC more comprehensively across all its products and services, significantly increasing USDC’s share for its corporate treasury.
Regarding this step to enhance the global adoption of USDC, Circle CEO Allaire stated, “The largest exchange and super crypto application is joining forces with the biggest compliant dollar stablecoin operator to work on the next phase of stablecoin and crypto adoption.” He emphasized that this collaboration signifies a significant shift in the crypto market structure as we approach 2025.
The partnership, announced on stage at Abu Dhabi Finance Week by Binance CEO Richard Teng, aims to support the growth of U.S.-based crypto innovation. With Trump clarifying crypto regulations, we may see U.S.-based companies grow even more rapidly in this challenging environment.
