The payment solution developed by the leading crypto exchange Binance has made the stablecoin USDC the default currency for its new users.

In a post on social media platform X, USDC issuer Circle says that its US-dollar pegged stablecoin is now the preset token on Binance Pay, which also supports over 100 other crypto assets. 

“USDC is now the default currency for new Binance Pay users!

With Binance Pay, users can send and receive USDC to friends and family instantly with zero gas fees, and businesses can accept USDC payments seamlessly.”

Circle CEO Jeremy Allaire commends Binance’s decision. He says the development will allow millions of users to more readily access USDC on the exchange’s crypto payment platform. 

“A big move by Binance, who has quietly built one of the largest financial super apps in the world with over 250 million users, and has now made USDC the default currency for Binance Pay, their P2P (peer to peer) and merchant payment solution with over 40 million monthly active users (MAUs).”

USDC is currently the second-largest stablecoin by market cap, with a valuation of over $60.518 billion. 

Tether (USDT) is still the leading stablecoin by a large margin, with a market cap of $144.03 billion.

The news comes following reports that Circle is preparing for an initial public offering (IPO) launch this month. In March, Fortune reported that Circle was teaming up with JPMorgan Chase and Citi to publicly list the stablecoin issuer’s shares late this month.

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