Morning Minute | Binance Partners with Circle for Global USDC Adoption

TylerD's Market Summary

💰 Binance and Circle Partner to Promote Global USDC Adoption

Crypto is not a threat to the US dollar.

In fact, the proliferation of US dollar-denominated stablecoins may be one of the single most important factors in maintaining its prominence. 

And now Binance is doing its part to help.

What Happened?

Binance, the world’s largest cryptocurrency exchange, has partnered with Circle, the issuer of the USDC stablecoin, to increase global adoption of USDC.

The announcement was made early this morning during Abu Dhabi Finance Week.

Binance will integrate USDC more broadly into its platform for trading, saving, and payments and make USDC its primary stablecoin for treasury operations.

Going even further, Binance is set to adopt USDC as the primary stablecoin in its treasury (versus alternatives like USDT or BUSD).

Circle will provide Binance with tech and liquidity to help it improve its exchange and services.

What Are They Saying?

• Binance described adopting USDC as a treasury asset as “a powerful signal about the world moving on-chain.”
• The collaboration aims to “support the development of the global digital assets and broader financial services ecosystem.”
• USDT is a "disaster for consumers waiting to happen" according to Consumers' Research

Why It Matters?

This partnership signals a major shift in the stablecoin landscape.

Binance is moving away from its previously favored BUSD stablecoin and USDT, both of which have faced regulatory hurdles.

By aligning with Circle and its regulatory-compliant USDC, Binance strengthens its position in key markets like the EU, where Circle already holds a MiCA-valid license. 

It strengthens USDC's position in the stablecoin market (USDT still leads $139B in market cap to $41B for USDC).

And long term, it likely strengthens the US dollar's place in the world as crypto continues to proliferate and the onchain revolution begins.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $25.6M on the day; Bitcoin was next with $6.6M and then Solana with $5.5M
• ETH NFT leaders were mixed again with Pudgy leading; Punks +1% at 39.3 ETH, Pudgy +9% at 24.85, BAYC -6% at 17.75 ETH, Azuki +1% at 6.9; Milady -2% at 5.1
• Lil Pudgy jumped 18% to 2.88 ETH and Pudgy Rogs jumped 43% to 1.39 ETH, both new ATHs
• KIP (+70%) and Alien Frens (+67%) led notable top movers
• BTC NFT leaders were mostly green; Bitcoin Puppets -11% at 0.16 BTC, NodeMonkes +1% at 0.149, OMB +4% at 0.149, Quantum Cats even at 0.2; Nat Cats led +30% to 0.026
• The Runes leaders were very green; DOG +13%% at $930M mc, PUPS +10% at $260M, BDC -11% at $104M, GIZMO +15% at $39M, CYPHER even at $17M
• 9dcc introduced its Black Boxes featuring connection fashion and a rare CryptoPunk
• Claynosaurz introduced a new collector's achievement and staking system for collectors 

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

🌎 Macro Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are green this morning in a welcome rebound; BTC +1% at $98,300, ETH -1% at $3,710, SOL +4% at $225, XRP +6% at $2.36; BGB & RAY were top alt movers up 20% each
• Memecoin majors are mixed; DOGE -2% at $0.4, SHIBA +1%, PEPE -7%, WIF +2%, BONK -1%, MOG even
• Microsoft shareholders voted against buying Bitcoin for the tech giant's balance sheet
• Goldman Sachs' CEO said they would evaluate entering crypto markets if regulators permit
• Trump plans to give attention to the price of Bitcoin on an ongoing basis, according to Axios reports, and his son Eric Trump predicted Bitcoin will go to $1M
• Meanwhile Bloomberg Editorials shared a story calling a Bitcoin Reserve "the biggest crypto scam yet"
• Binance and Circle enter strategic partnership to accelerate global USDC and crypto adoption
• Ripple's stablecoin received final approval from the NYDFS, currently in test mode on Ethereum and XRP Ledger

🚀 Memecoin Movers 

• $ARC (+42,000% to $37M market cap, SOL)
• $MANA (+11,000% to $20M market cap, SOL)
• $PATO (+8,500% to $16M market cap, SOL)
• $ALPHAPEPE (+5,800% to $18M market cap, SOL)
• $PNET (+1,300% to $16M market cap, SOL)

📈 NFT Floor Price Increase (ETH)

• KIP Protocol (67%, 0.12 ETH Floor)
• Alien Frens (67%, 0.1 ETH Floor)
• Mintify Genesis (55%, 0.07 ETH)
• Pudgy Rogs  (42%, 1.38 ETH)
• Jarritos (32%, 0.31 ETH)

🗓 Upcoming Mints and Events

Folks - my source for daily mints and events has shut down operations.

Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.

If I can find a good source for daily events, I will look at turning it back on.

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