Crypto derivatives exchange, Bybit announced a partnership with Circle, the company behind the second-largest stablecoin by market cap, USDC.
As per the press release shared with CryptoPotato, the agreement states that expansion of USDC spot pair listings and advancing awareness for USDC and related products while simultaneously collaborating on other potential initiatives are Bybit’s focus areas.
- The Singapore-headquartered platform said that it will work on developing and promoting products that support the growth of USDC, such as spot trading, perpetual contracts, and options.
- It will enable instant auto-conversions between USD and USDC or other stablecoins issued by the digital financial technology firm.
- Additionally, the partnership with Circle is also aimed at promoting greater crypto adoption and utility.
- The development comes a few months after Bybit introduced USDC options, which happens to be the first stablecoin-margined option contract in the market.
- At the partnership launch event held at Vicinity London, Bybit co-founder, and CEO, Ben Zhou said
“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.”
- Amid massive volatility earlier this year, investors abandoned USDT for USDC. The latter even went on to become the stablecoin of choice on the Ethereum blockchain.
- Its market share has also been on an uptrend since the deathly spiral of TerraUSD (UST) stablecoin.