“To improve user security, Binance has reached out to other market players, including Tether and Circle, to expand support for native versions of stabelcoins on our platform,” the official announcement said.
Tether, the issuer of the first-capitalized USDT stabelcoin, recently released its results for the first quarter of 2023, which put the company’s net income at $1.48 billion.
Tether Chief Technology Officer Paolo Ardoino said the company has about $1.6 billion in excess reserves to support its stablecoin.
Circle, the issuer of the USDC stablecoin, recently said it is going to reduce the percentage of U.S. dollars in token collateral as the country could default due to rising government debt.
Pakning Luk, head of regional business development at Binance, said recently that the exchange’s payments division has attracted about 120 million users.
She said that Binance could compete with PayPal.