Bybit has partnered with Circle to increase its range of USDC spot trading pairs this would make USDC-settled products more accessible to institutional and retail customers.
Crypto derivatives exchange Bybit has teamed up with stablecoin issuer Circle Internet Financial to boost the number of spot trading pairs it offers that are priced in USD Coin (USDC). The company claims that this would make USDC-settled products more accessible to institutional and retail customers.
According to the collaboration agreement, Bybit will add more cryptocurrencies to its list of USDC spot pairs and enable automatic USDC to USD conversions, the business said on Wednesday. Bybit stated that it intended to work with Circle on other projects to increase stablecoin and cryptocurrency adoption.
According to a Circle spokesperson, Bybit supports about 35 USDC spot pairs at the moment. In April of this year, the exchange started providing USDC options and perpetual contracts, giving traders greater choices for hedging against fluctuations in the spot market. When the choices rollout first began, Ben Zhou, CEO of Bybit, told Cointelegraph that it was in response to rising user demand.
Zhou stated on Wednesday that Bybit was seeking to “further develop our working relationship with Circle” and that the launch of USDC options had been successful.
Bybit intends to provide traders options for Solana (SOL) and Ether (ETH) in the near future in addition to USDC options.
About Circle
According to CoinMarketCap, Circle’s USDC is the second-largest stablecoin in the world with a market valuation of $52.3 billion. Only Tether’s USDT holds a greater share of the market, with a market cap of $67.6 billion.
In July, Circle published a detailed breakdown of its USDC holdings for the time frame ending June 30, 2022. At the time, short-term US Treasury bills accounted for around 75.6% of its support. The remaining portion of its holding was held in local banks’ cash deposits.
