The Circle Pressroom

Press Release
August 31, 2022

Bybit Partners With Circle, Plans to Launch USDC Spot Pairs and Offer Integrations for Clients

LONDON, United Kingdom, Aug. 31, 2022 — Bybit, the third largest crypto derivatives exchange in the world by volume, has partnered with Circle Internet Financial, a global financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC) to help accelerate the growth of Bybit as a gateway for retail and institutional USDC-settled products.

Bybit aims to become a one-stop gateway for USDC-settled options. The Exchange’s market-beating liquidity is matched with features such as portfolio margin, which lowers margin requirements on hedged positions, and unified accounts that accept BTC/ETH/USDT/USDC as collateral. Under the agreement, Bybit will expand their USDC spot pair listings, support further awareness for USDC and related products, and look to collaborate on other potential initiatives. As a leading exchange for emerging digital asset classes, Bybit’s partnership with Circle is aimed at promoting greater crypto adoption and utility. Earlier this year, Bybit introduced USDC options — the first stablecoin-margined option contract in the market  — with the exchange pledging to make Ether and SOL options available soon. 

As part of its commitment, Bybit will leverage its experience and expertise in the operation of its leading crypto exchange to develop and promote products that support the growth of USDC, such as spot trading, perpetual contracts, and options. Bybit will also enable instant, auto-conversions between USD and USDC (or other Circle-issued stablecoins).

“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 at the partnership launch event held at Vicinity London. “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.”

“Over the last year, Bybit has ceaselessly delighted users of USDC with the continued expansion of their innovative product offerings,” said Jeremy Allaire, co-founder and CEO of Circle. “We are thrilled to have Bybit onboard as a partner in our efforts to promote greater access and adoption for USDC.”