The DeFi and crypto space continues to evolve rapidly. This weekly recap presents the major news and trends to keep you informed of the latest developments.
Circle and Binance: Strategic Partnership for USDC Expansion
Circle and Binance announced a strategic partnership at Abu Dhabi Finance Week aimed at expanding the use of the popular USDC stablecoin. Binance plans to integrate USDC across its trading, savings, and payment services, positioning the stablecoin for broader utility. Additionally, Binance will adopt USDC as a core stablecoin for its corporate treasury, furthering the advancement of the global digital asset ecosystem.
Floki and Mastercard: Launch of Crypto Debit Card in Europe
Floki, in partnership with Mastercard, has launched a crypto debit card available in 31 European countries, including France, Germany, Spain, and Italy. The card, offered in physical and virtual formats, enables seamless cryptocurrency spending. While the physical card is limited to Europe, the virtual version is accessible globally, expanding Floki's reach.
Ripple's RLUSD: NYDFS Approval and Upcoming Launch
Ripple Labs has gained approval from the New York Department of Financial Services (NYDFS) to launch RLUSD, a US dollar-backed stablecoin. CEO Brad Garlinghouse announced on December 10 that the stablecoin would soon debut on multiple exchanges and partnerships. Ripple aims to challenge market leaders like USDT and USDC, projecting RLUSD to hit a $2 trillion market cap by 2028.
This week in the DeFi space saw numerous significant events, from strategic partnerships to the launch of new products. These developments indicate the industry's rapid growth and increased interest in financial technology innovation.
