“In order to improve user security, Binance has reached out to other market players, including Tether and Circle, to expand support for native versions of stablecoins on our platform,” the official announcement reads.
Tether, the issuer of the first USDT stablecoin by capitalization,
recently released its first-quarter 2023 results, which showed a net profit of $1.48 billion. Tether CTO Paolo Ardoino revealed that the company has about $1.6 billion of excess reserves to support its stablecoin.
Circle, the issuer of the USDC stablecoin, recently said that it is going to reduce the percentage of US dollars in the backing of the token, as the country could default due to rising public debt.
Pakning Luk, Head of Regional Business Development at Binance, recently said that the exchange’s payments arm has attracted close to 120 million users. She stated that Binance could compete with PayPal.
Source: Bits
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