- ICE and Circle explore USDC and USYC for new financial market solutions.
- USDC’s market share rises as Circle partners with ICE to drive innovation.
- Circle gains regulatory approval in Japan, boosting global USDC adoption.
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has partnered with Circle to integrate the USDC stablecoin and US Yield Coin (USYC) into traditional financial markets. The collaboration aims to explore innovative solutions using Circle’s digital assets within ICE’s derivatives exchanges, clearinghouses, and data services.
ICE and Circle Collaborate to Advance Digital Finance
CryptoPotato reported on X that ICE and Circle signed a memorandum of understanding to explore the use of USDC and USYC in clearinghouses, derivatives markets, and other financial services. Lynn Martin, President of the NYSE, noted that Circle’s stablecoins and digital currencies could play a significant role in capital markets as digital assets become widely accepted.
USDC, Circle’s fully reserved stablecoin, is the second-largest stablecoin after Tether’s USDT. Circle USDC reserves consist of extremely liquid cash and cash-equivalent funds, providing for a 1:1 redemptions capability in US dollars. Over $60 billion face value of USDC is currently outstanding as of March 26, 2025, underpinned by around 600 million end-user wallets globally.
In the last months, Circle has issued $16.5 billion worth of new USDC, and Tether has issued $4.7 billion worth of new USDT. This pushed USDC market share up to 25.4% from 20.7%, demonstrating its growing power in digital finance.
Strengthening Regulatory Compliance and Global Reach
Jeremy Allaire, CEO of Circle, noted that ICE’s global network provides a unique path to onboard USDC and USYC into diverse use cases. Circle’s focus on regulation is what made it the first stablecoin issuer to comply with Europe’s MiCA regulations ahead of Tether, which has now been delisted from European exchanges.
Circle acquired approval in Japan to launch USDC, with listings already available on SBI VC Trade with other exchanges to follow in due course. This further solidifies Circle’s footprint in international digital finance.
Driving Innovation in Digital Finance
Under the memorandum of understanding, ICE and Circle will seek ways to utilize Circle’s digital assets on ICE’s derivatives exchanges, clearinghouses, data services, and other markets. The collaboration will be leading financial innovation through opening new markets and product opportunities on the back of Circle’s stablecoins.
Looking to the future to make way for an integrated financial system that connects conventional finance and digital finance, the alliance is focused on propelling the convergence of conventional finance and digital money.
