Binance Pay Partners with USD Coin to Enhance Global Money Transfer Capabilities

USDC has become the default currency for new Binance Pay users, allowing for instant USDC remittances with zero gas fees.

USD Coin (USDC), a prominent stablecoin aiming for a 1:1 pegging to the US dollar, has partnered with Binance Pay to enhance global money transfer capabilities.

The partnership will see USDC become the default currency for new users of Binance Pay, while existing users can choose USDC as their preferred currency. This integration will enable instant USDC remittances with zero gas fees.

"We are excited to partner with Binance to bring the benefits of USDC to a wider audience through Binance Pay," said Dante Lauretta, Head of DeFi and Cryptocurrency at Circle. "This collaboration will provide Binance users with a seamless and efficient way to make and receive payments in USDC, unlocking new possibilities for financial inclusion andoperability across the Binance ecosystem."

What is USD Coin (USDC)?

USD Coin USDCUSD is a leading stablecoin that aims to maintain a 1:1 pegging to the US dollar, aiming to offer a consistent value regardless of broader cryptocurrency market fluctuations. Developed and managed by Circle, it is the second-largest stablecoin ecosystem, surpassed only by USD Tether USDTUSD.

The stablecoin holds and manages US dollar asset reserves in segregated accounts at top-rated commercial banks and in U.S. Treasury securities. These reserves are externally verified monthly by Grant Thornton, an accounting firm, which provides attestation reports on the sufficiency and completeness of all USD Coin reserves. This full backing by the U.S. dollar is crucial in fostering trust in the stablecoin, making it an appealing choice for various financial applications.

Moreover, USD Coin is compatible with multiple blockchains, including Ethereum, Algorand, Solana, Stellar, and TRON, and boasts a market capitalization that positions it within the top five cryptocurrencies.

Beyond simply serving as a stable asset, USD Coin offers numerous functionalities, such as:

* Hedging against market volatility

* Facilitating rapid international remittances

* Enabling efficient peer-to-peer payments

* Ensuring payment interoperability across diverse blockchain networks

The partnership with Binance Pay aligns with Circle's broader strategy to expand the adoption and accessibility of USDC.