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Binance deal gives Circle a boost in stablecoin race with Tether, analysts say
Binance has taken a US$100 million stake in Circle, and monthly USDC trading on the exchange has roughly doubled since the pair partnered in December 2024. CoinDesk asked three analysts whether that dents Tether’s lead. Gravity Team Co-Founder and CEO Mārtiņš Beņķītis saw more pressure on USDT, while pointing to Tether’s years of deep trading pairs, local liquidity and user habit. “But distribution alone won’t change that overnight,” he said.
Circle’s $400M Tazapay deal buys emerging market links that take ‘years to build’
Circle’s reported US$400 million acquisition of Singapore-based Tazapay buys the licences, banking relationships and local payout rails that turn a stablecoin into money people can spend. CoinDesk opened its analysis with Gravity Team Co-Founder and CEO Mārtiņš Beņķītis, who read the deal as “the latest signal that stablecoins’ next battleground is in emerging markets”, where those networks are built “market by market, relationship by relationship”.
Stablecoin payments are fast, but local-currency settlement remains a bottleneck: Gravity Team CEO
A stablecoin can cross a border in seconds, but the payment is only complete once it becomes local currency the recipient can spend. As Gravity Team launched its institutional OTC desk, Co-Founder and CEO Mārtiņš Beņķītis told crypto.news the test is whether the whole transfer arrives at the quoted price and on time. “Stablecoin payment infrastructure is a liquidity story because stablecoin balances serve very different jobs,” he said.
Gravity Team rolls out institutional OTC desk for digital asset liquidity
Specialist trading publication FOW (Derivia) covered Gravity Team’s emerging-markets OTC desk launch: an institutional OTC desk that pairs the algorithmic trading firm’s digital asset liquidity with direct local banking relationships in more than 20 markets, so it can settle in the destination market instead of routing through the correspondent chain.
Stablecoin legs settle in under 60 seconds, with same-day (T+0) fiat settlement where local banking conditions allow. Co-Founder and CEO Mārtiņš Beņķītis said at launch that most institutions can find liquidity, and that the harder task is moving money quickly across the right jurisdictions.
