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The world's largest crypto exchange Binance has announced that it is going to expand support for stablecoins together with Tether, Circle and other unnamed companies.
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“In order to improve user safety,Binance has reached out to other market players, including Tether and Circle, to expand native stablecoin support on our platform,” reads the official announcement.
Tether, the issuer of the first USDT stablecoin by capitalization,
recently published the results of work for the firstquarter of 2023, according to which the company's net profit was $1.48 billion. Tether CTO Paolo Ardoino (Paolo Ardoino) said that the company has about $1.6 billion of excess reserves to support its stablecoin.
Circle, the issuer of the USDC stablecoin, recently said it was going to reduce the percentage of US dollars in the backing of the token, as the country could default due to rising public debt.
Recently head of the regional development departmentBinance business Pakning Luk said that the exchange's payment division has attracted about 120 million users to cooperate. She stated that Binance could compete with PayPal.
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