Bybit, the third largest crypto derivatives exchange in the world by volume, has partnered with Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC) to help accelerate the growth of Bybit as a gateway for retail and institutional USDC-settled products.
Bybit wants to be a one-stop gateway for choices with USDC settlement. With features like portfolio margin, which reduces margin requirements on hedged positions, and unified accounts that take BTC/ETH/USDT/USDC as collateral, the Exchange’s market-beating liquidity is matched. In accordance with the agreement, Bybit will make Circle’s services available to its customers, increase the number of USDC spot pairs it lists, and promote increased public awareness of USDC and related goods. Bybit’s collaboration with Circle, a pioneering exchange for new digital asset classes, aims to increase cryptocurrency adoption and utility. The first stablecoin-margined option contract was USDC options, which Bybit released earlier this year. The exchange promised to soon make Ether and SOL options available as well.
“We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations,” “After the success of our USDC options, it was opportune to further develop our working relationship with Circle, which has a reputation for openness and integrity in their services and development of cutting-edge financial technology. We look forward to offering more USDC spot pairs and products to our retail and institutional clients.”
Ben Zhou co-founder and CEO of Bybit.
As part of its commitment, Bybit will use its knowledge and proficiency in running its top cryptocurrency exchange to develop and market products including spot trading, perpetual contracts, and options that assist the expansion of USDC. Additionally, Bybit will support quick, automatic conversions between USD and USDC (or other Circle-issued stablecoins).
“Over the last year, Bybit has ceaselessly delighted users of USDC with the continued expansion of their innovative product offerings,”
“We are thrilled to have Bybit onboard as a partner in our efforts to promote greater access and adoption for USDC.”
Jeremy Allaire, co-founder & CEO of Circle.