Bybit Has Collaborated With Circle To Launch Additional USDC-Settled Trading Options

Twitter icon  •  Published 1 year ago  •  Nikolas Sargeant

Bybit has partnered with Circle Internet Financial, bringing USDC-settled products to the crypto platform.

Bybit has collaborated with Circle Internet Financial, a leading fintech firm renowned for being the issuer of the USD Coin (USDC) and Euro Coin (EUROC), bringing USDC-settled products to the crypto platform. 

Circle’s services will now be offered to over two million Bybit users. The focus will be on USDC spot pair listings and shining light on other related products. 

What Circle Will Bring To Bybit

Bybit is the world's third largest crypto derivatives exchange by trading volume. With a focus on the derivatives market, Circle will help to improve the portfolio margin product, which helps to lower margin requirements on hedged positions and unified accounts that accept BTC/ETH/USDT/USDC as collateral.

The deal between the two companies will help to develop and promote existing products and support the growth of USDC, specifically spot trading, perpetual contracts, and options. The move will also help to encourage the adoption of crypto and utility by offering auto-conversations between USD and USDC (as well as other Circle-issued stablecoins) on the Bybit exchange.

Ben Zhou, the co-founder and CEO of Bybit, had this to say on the partnership: “We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations. 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. We look forward to offering more USDC spot pairs and products to our retail and institutional clients.”

Jeremy Allaire, the co-founder and CEO of circle, weighed in on the move saying:“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.”

Bybit Expands USDC Options

In June 2022, Bybit announced it would launch USDC-settled trading options to tackle the bear market—making it the first stablecoin-margined option contract. The USDC-settled options contract mimics the European-style options, which may be exercised only at the expiration date of the option. 

These options can be traded through the portfolio margin on the platform, increasing fund utilization based on the underlying price and volatility. Based on customer feedback, the new options were rolled out after a successful trial period. Bybit plans to offer Ethereum (ETH) and Solana (SOL) trading options soon. 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.