Bybit plans to add USDC spot pairs and other products to its retail and institutional clients.
Crypto derivatives exchange Bybit has partnered with digital financial technology firm Circle Internet Financial, the issuer of stablecoins USD Coin (USDC) and Euro Coin (EUROC), in a collaborative effort that will see Bybit launch USDC spot pairs.
The partnership will also see the integration of other USDC-settled products to help accelerate Bybit’s growth as a leading gateway for both institutional and retail traders, the two companies said in a press release.
“We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations,” said Ben Zhou, co-founder and CEO of Bybit.
The initiative comes months after Bybit added support for USDC options, which was the crypto market’s pioneering “stablecoin-margined options contract”. The exchange plans to add Ether and Solana options.
“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,” Zhou added.
Apart from spot trading and options, ByBit plans to offer other products such as perpetual contracts to further the growth and adoption of USDC.
The exchange will also leverage its technology to enable instant, automated conversions between the US dollar (USD) and USDC. This will also apply to other Circle-issued stablecoins, Bybit noted.
Credit: Source link