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- Bybit teams up with Circle to boost USDC liquidity globally.
- USDC adoption increases across Bybit’s platform for payments and rewards.
- Bybit strengthens compliance and market reach through Circle partnership.
Bybit, the world’s second-largest cryptocurrency exchange, has formed a strategic partnership with Circle, the issuer of USDC, to increase the stablecoin’s global presence. The partnership will result in the improved liquidity of the spot and derivatives markets of Bybit, and the expansion of the application of the USDC in the savings, payments, and reward cards. This step is quite a change for Bybit, which has long been using Tether and its USDT to satisfy its stablecoin requirements.
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Enhancing USDC’s Integration Across Bybit’s Ecosystem
Bybit will also introduce USDC throughout its platform as a part of the partnership, allowing users to exchange, store, and pay with the stablecoin. Bybit will also conduct the fiat on- and off-ramp infrastructure of Circle that will enhance the speed and transparency of deposits and withdrawals. This will complement the user experience and make USDC more accessible to the global network of the exchange.
Circle, in its turn, views the partnership as a chance to make USDC more popular throughout the globe. Historically relying on Coinbase, Circle may broaden its presence as it reaches out to the wide array of users that Bybit has to offer globally. The move is essential in reducing the market share between USDC and Tether, which is in control of the market capitalization of the stablecoin industry, with a market capitalization of $186 billion at the moment. Comparatively, the market cap of USDC is $78 billion.
Expanding Regulatory Compliance and Global Reach
This collaboration is also consistent with the strategy of Bybit to become more compliant with the regulations. Bybit has recently obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority of the United Arab Emirates. The exchange is also increasing its regulatory coverage in the European Economic Area, Turkey, and other major areas. Bybit wants to become a fully compliant and liquid trading platform for digital assets.
The incorporation of USDC and the use of the infrastructure provided by Circle help Bybit to be a trusted exchange worldwide. These two companies will have a major impact on the future of stablecoin adoption and the cryptocurrency market in general.
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