To facilitate the expansion of Bybit as a gateway for retail and institutional USDC-settled products, the third largest crypto derivatives exchange by volume, Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), has partnered with Bybit.
Bybit’s long-term goal is to be the go-to hub for USDC-settled options. Portfolio margin, which reduces margin needs on hedged positions, and unified accounts that take BTC, ETH, USDT, and USDC as collateral reinforce the Exchange’s superior liquidity. As part of the terms of the deal, Bybit will expand the quantity of USDC spot pairs available on its platform, help promote public awareness of USDC and related products, and explore new prospects for partnership.
Bybit seeks to improve public perception and adoption of cryptocurrencies through its partnership with Circle, the leading cryptocurrency exchange. Since Bybit added the first option contract with a stablecoin margin this year, USDC Access has agreed to add options for Solana and Ether to its trading platform.
Ben Zhou co-founder and CEO of Bybit at the partnership launch event held at Vicinity London stated:
“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.”
Bybit is focused on utilizing the knowledge and experience it has got operating the business’s top cryptocurrency exchange to create and maintain products, such as spot trading, perpetual contracts, and options, that aid the expansion of USDC. Bybit also enables automatic, real-time conversions between USD and USDC (or other Circle-issued stablecoins).
Jeremy Allaire, co-founder and CEO of Circle stated:
“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.”