Crypto derivatives exchange – Bybit – has announced a partnership with Circle, the company behind the second-largest stablecoin by market cap, USDC. According to the press release, the agreement states that Bybit’s focus areas are the expansion of USDC spot pair listings and advancing awareness for USDC and related products while simultaneously collaborating on other potential initiatives.


The platform whose headquarters is in Singapore said that it will work on creating, developing and promoting any products that support the growth of USDC, such as options, perpetual contracts, and spot trading. It will also enable instant auto-conversions between USD and USDC or any other stablecoins issued by the digital financial technology firm.


Additionally, Bybit’s partnership with Circle is also aimed at promoting greater cryptocurrency utility and adoption.The development comes a few months after Bybit introduced USDC options. Bybit’s USDC options also happen to be the first stablecoin-margined option contract in the market.


At the launch event held at Vicinity London, Co-founder and CEO of Bybit, Ben Zhou said: “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.”


Due to the massive volatility earlier this year, many investors abandoned USDT for USDC. The latter even went on to become the Ethereum blockchain’s stablecoin of choice. Its market share has also been significantly uptrending since the deathly spiral of the TerraUSD (UST) stablecoin.


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