by Bybit, a Singapore-based cryptocurrency exchange firm, and the third largest company in the business, has recently confirmed its intention to become an associate of Circle, a USDC stablecoin issuer, in hopes of rendering USD Coin spot pairs on its platform.
Bybit To Offer USDC As Support For Stablecoin Increases
As stablecoins continually receive props in recent times, Bybit plans to cash in on the development by including USDC tradable coins on its spot market. The goal is to ensure users have direct access to USDC unified collaterals such as BTC/USDC, ETH/USDC, and USDT/USDC, regardless of margin positions and portfolio.
With the collaboration formed, USDC-affiliated services will be available on Bybit, along with the expansion of USD Coin listings. Also, the Exchange will advertise the stablecoin’s related products.
One of the objectives behind Bybit’s collaborative effort is to advance crypto adoption. Using its influence, it attempts to expand digital assets’ utility.
The Exchange had previously initiated options for USDC at the beginning of the year. Afterward, it promised to make those for Ether and Solana available also.
Furthermore, as a show of its devotion to the agreement, the Exchange will endorse swapping between stablecoins issued by Circle and USD. Also, it will influence the operation of spot trading of USDC pairs, futures, et al.
Ben Zhao, however, while at the partnership launch ceremony, relayed the company’s discovery of USDC as suitable for its operation amidst development through the low market. The CEO commended Circle as a hard-working, honest institution in its operations. And as a result of this reputation are looking forward to more potential initiatives to work on together.
Circle also responded by stating its joy as a partner of Bybit. Jeremy Allaire and CEO of the company shared Circle’s delight as onboard associates of the other. Moreover, declaring the progress the duo firms made over the past year in enhancing USDC-related services to users, including mentioning plans for future initiatives.
According to both companies, USDC-settled options will be available for retail and institutional clients. They plan to work hand in hand to ensure the expansion of the USD coin and affiliated assets by promoting, advertising, and allowing easy access to the product.
More About Circle
Circle is a global technology company that allows users of all speculation access to cryptocurrency and blockchain technology for financial or payment purposes. Also, Circle issued USDC and Euro Coin while activating 24/7 access to its services. Lately, Circle is ensuring progressive initiation of new dimensional financial products through its platform, APIs and business accounts.
More About Bybit
Bybit as an exchange is a customer-centered platform for cryptocurrency and digital services through multilingual customer support, top-notch customer service, and high-speed transactions. Founded in March 2018, it is an onboard associate of Formula 1, Bull red racing team, Esport teams Navy, Oracle red, and Dortmund football club, among others.
