Bybit exchange to launch spot trading in pairs with USDC

As part of the partnership, the companies will strive to develop and expand products aimed at developing a stablecoin

01.09.2022 - 12:40

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What’s new? Cryptocurrency exchange Bybit will launch spot trading in USDC stablecoin pairs as part of a partnership with Circle, the issuer of the asset. The partnership also assumes that the platform will participate in the creation and promotion of products supporting the development of USDC, which include spot trading, perpetual contracts, and options. Bybit will also provide instant automatic conversion between US dollars and USDC or other stablecoins issued by Circle.

Press release

What does the exchange representative say? Earlier this year Bybit already launched USDC options, and in the future, it plans to open trading in similar investment products based on Ethereum and Solana. Bybit CEO and co-founder Ben Zhou said that after the success of USDC options, it made sense to develop a relationship with Circle. He stressed that Circle has a reputation for openness and honesty.

What is known about Bybit? It is an exchange for derivatives that was founded in March 2018. There are 187 currency pairs available on the platform, with daily trading volume of $227,979 million as of September 1 at 12:10 UTC, according to CoinMarketCap. Bybit has more than 1,6 million registered users.

What is known about USDC? It's a dollar-backed centralized stablecoin with a market capitalization of $52,25 billion. The token is ranked fourth by CoinMarketCap. In July, Circle announced its intention to go public and list on the New York Stock Exchange (NYSE) in the fourth quarter of 2022.

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