Korbit Partners with Circle's Alliance Program to Advance USDC Stablecoin Ecosystem

Korbit, South Korea's pioneering cryptocurrency exchange, revealed on October 23 its official membership in Circle’s "Alliance Program," an initiative aimed at scaling the adoption of USD Coin (USDC), a leading stablecoin pegged to the U.S. dollar.

Circle launched the Alliance Program in November 2023 as a global collaborative ecosystem designed to accelerate the growth of USDC-based infrastructure and foster innovation in the on-chain economy. The program unites players from diverse sectors, including traditional finance, fintech, and the Web3 space, to promote collaboration on cutting-edge technology and joint ventures.

By joining Circle's Alliance Program, Korbit intends to bolster the global stablecoin infrastructure centered around USDC while simultaneously enhancing its competitive differentiation in associated services. This strategic alignment signals Korbit's commitment to advancing digital finance on a global scale.

“This is a pivotal moment for Korbit as we directly integrate into the global digital financial network. By harnessing Circle's robust infrastructure, we are poised to drive transformative innovation,” commented Jeongwoo Lee, Korbit's Chief Technology Officer (CTO) and Chief Product Officer (CPO).

Circle, the issuer of USDC, which maintains a 1:1 peg to the U.S. dollar, has established itself as a dominant force within the stablecoin market. Following its public listing on the New York Stock Exchange in June, Circle attained an impressive valuation of approximately $23 billion. USDC currently holds 27% of the global stablecoin market share, positioning it as the second-largest stablecoin after Tether (USDT).

Through this collaboration, Korbit and Circle aim to jointly shape the future of Web3-enabled finance and drive widespread adoption of USDC, reinforcing its vital role in the evolving blockchain-based economy.