The Bybit crypto exchange has entered into cooperation with the Circle Internet Financial company, which owns the USDC stablecoin. The companies announced the expansion of pairs for USDC spot trading.
Today Bybit ranks 14th in the rating of exchanges from CoinMarketCap, which is used by 1.6 million registered users. Launched in 2018, the exchange is actively developing by attracting new customers and developing its trading environment. We have already written about how, in difficult times for all exchanges, Bybit expanded its international influence and expanded its activities in Argentina, today we want to talk about how the exchange is developing USDC trading.
USD Coin hardly needs to be introduced, but we remind you that it is a stable coin with a 1-to-1 dollar peg, with each coin secured with 1 dollar from the reserve. At the moment, USDC ranks 4th in the rating of stablecoins from CoinMarketCap and has a market capitalization of $51,592,255,452.
At the end of August, the companies announced the launch of new pairs for USDC spot trading. The first newcomers were the pairs: GMT/USDC, LINK/USDC, SHIB/USDC, CHZ/USDC. At the time of writing, Bybit offers 31 pairs for USDC spot trading.
It is worth noting that this is not the first time the companies have cooperated. In April of this year, Bybit announced the introduction of USDC options and perpetuals. It seems that this benefited both companies and contributed to a fruitful outcome, which was also emphasized by the CEO of Bybit.
“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.” — said Ben Zhou.
The success of the exchange in introducing new products related to USD Coin was also noted by the CEO of Circle:
“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.” — said Jeremy Allaire.
As we wrote earlier, the Tornado Cash sanctions have negatively affected the work of the USDC. Users began actively transferring their assets from USDC to USDT, which further intensified the competition between Tether and Circle. The fact that Bybit has launched new products to work with USDC, at first glance looks like an attempt to support Circle in a difficult time, but in fact it is a continuation of many months of work, because the exchange continues its active cooperation with Tether. Bybit has even simultaneously launched trading pairs for two competing stablecoins.
Let’s hope that cooperation with Bybit will further help USDC strengthen its position in the crypto market and survive difficult times.
