Circle Onboards Bybit as a Partner to Promote USDC Access and Accreditation

Crypto derivatives exchange Bybit has announced a partnership with Circle, the company behind the second largest stablecoin by market capitalization, USDC.

According to a joint press release with encrypted potatoes, The agreement states that expanding USDC’s topical listings and increasing awareness of USDC and related products while collaborating on other potential initiatives are Bybit’s focus areas.

  • The Singapore-based platform said it will develop and market products that support USDC’s growth, such as spot trading, contracts and perpetual options.
  • It will enable instant automatic transfers between USD and USD or other stablecoins issued by a digital financial technology company.
  • In addition, the partnership with Circle aims to enhance the usability and ease of use of cryptocurrencies.
  • This development comes a few months after Bybit introduced USDC Options, which happened to be the first stable margin options contract on the market.
  • At the partnership launch event held in Vicinity London, Bybit . co-founder and CEO Ben Zhou said:

“We built an entire bear market and found USDC to be a great fit for our business. Following the success of our USDC options, it was fitting to develop a working relationship with Circle, who have a reputation for openness and integrity in their services and developing cutting-edge financial technology. We look forward to offering more USDC sites and products for our individual and institutional clients.”

  • Amid massive volatility earlier this year, investors dumped USDT against USDC. The latter has even become the preferred stablecoin on the Ethereum blockchain.
  • Its market share has also been on an upward trend since the death spiral of the TerraUSD (UST) stablecoin.

Circle Onboards Bybit’s engagement as a partner to promote USDC’s access and adoption appeared first on CryptoPotato.

Leave a Comment