Circle partners with Bybit to promote USDC beyond the Coinbase ecosystem.
TL;DR
Circle and Bybit partner to expand USDC's global use and liquidity, enhancing Bybit's transparency and regulatory compliance while solidifying USDC as the second-largest stablecoin.
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Odaily Odaily reports that Circle and Bybit, the world's second-largest cryptocurrency exchange by trading volume, have announced a partnership aimed at expanding the use of USDC in the global ecosystem and enhancing its liquidity.
According to the partnership announcement, Bybit will expand USDC's reach within its ecosystem, including increasing liquidity in the spot and derivatives markets, expanding USDC's use in savings, payments, and card rewards, and integrating Circle's fiat currency deposit and withdrawal infrastructure to improve the speed and transparency of deposits and withdrawals. Bybit previously relied primarily on Tether's USDT stablecoin.
Circle stated that increasing USDC's access to the Bybit global ecosystem will help solidify its position as the world's second-largest stablecoin. For Bybit, this partnership will strengthen its image as a platform committed to transparency, trust, and regulatory compliance.