Circle And Bybit Deepen Usdc Partnership As Stablecoin Nears $80b

Bybit plans deeper USDC adoption for trading and payments, with the stablecoin “already embedded” across its ecosystem.

Circle, the publicly listed issuer of one of the biggest US dollar stablecoins globally, has entered into a strategic partnership with cryptocurrency exchange Bybit.

Bybit entered into the partnership with an affiliate of Circle to expand liquidity and usability of its USDC (USDC) stablecoin, according to a joint announcement on Monday.

“The partnership aims to expand USDC access across Bybit’s global ecosystem, strengthen liquidity of the world’s largest regulated stablecoin, and reinforce Bybit’s position as a regulatory-compliant platform committed to transparency and trust,” the companies said.

The partnership comes as USDC is gaining momentum, with its market capitalization surging to historic records and nearing $80 billion.

“Bybit’s partnership with Circle allows us to deepen USDC integration across spot, derivatives, and payment channels within a transparent and compliant framework,” a spokesperson for Bybit told Cointelegraph.

The crypto exchange is working closely with Circle to enhance liquidity provisioning, strengthen fiat on-ramps and off-ramps, as well as to expand crosschain support, the representative said, adding:

Bybit’s spokesperson said the exchange began integrating USDC several years ago, starting with spot and perpetual trading pairs and expanding to savings products, institutional settlement, conversion tools and fiat payment channels.

Related: Ethena’s synthetic USDe contracts sharply as dollar-backed stablecoins expand

“Today, USDC is already embedded across our ecosystem, and this new strategic partnership strengthens the underlying infrastructure with better liquidity, faster settlement and broader use cases,” Bybit said.

Source: CoinTelegraph