Bybit and Circle Internet Partner to Promote USDC Use

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Bybit, a cryp­tocur­ren­cy deriv­a­tives trad­ing plat­form, has teamed with Cir­cle Inter­net Finan­cial, a dig­i­tal finan­cial tech­nol­o­gy com­pa­ny and the cre­ator of the USD Coin (USDC) and Euro Coin (EUROC). This col­lab­o­ra­tion will speed up Bybit’s devel­op­ment into a major hub for USDC-set­tled prod­ucts in the retail and insti­tu­tion­al markets.

Specif­i­cal­ly, Bybit will pro­mote Circle’s ser­vices to its cus­tomers, add more USDC spot pairs to their plat­form. Also, it will help raise more pub­lic aware­ness about USDC and relat­ed prod­ucts as part of the terms of the deal. This will cut across the company’s retail and insti­tu­tion­al clients.

By part­ner­ing with Cir­cle, the top cryp­tocur­ren­cy exchange, Bybit hopes to increase the wide­spread use and accep­tance of cryp­tocur­ren­cies. Bybit plans to use the expe­ri­ence it has gained oper­at­ing the industry’s pre­mier cryp­tocur­ren­cy exchange to cre­ate and mar­ket prod­ucts that con­tribute to the expan­sion of USDC. Spot trad­ing, per­pet­u­al con­tracts, and options are all exam­ples of items that fall with­in this category.

Bybit’s year­long com­mit­ment to expand­ing their suite of cut­ting-edge solu­tions to USDC sub­scribers has paid div­i­dends. The cor­po­ra­tion start­ed offer­ing USDC options ear­li­er this year. Until this point, no option con­tract had ever been offered with sta­ble­coins as col­lat­er­al. In addi­tion, the exchange antic­i­pates adding Ether and SOL options in the near future.

Bybit’s long-term goal is to become a gate­way that offers USDC-set­tled options via a sin­gle point of con­tact. The Exchange’s liq­uid­i­ty is com­ple­ment­ed by tools like uni­fied accounts that accept BTC, ETH, USDT, and USDC as col­lat­er­al, and port­fo­lio mar­gin. This reduces mar­gin require­ments on hedged holdings. 

In addi­tion to Circle’s inno­v­a­tive finan­cial ser­vices and trans­par­ent busi­ness prac­tices, Bybit CEO Ben Zhou says the com­pa­ny chose to part­ner with them because of their rep­u­ta­tion for integri­ty and transparency.



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