Bybit will integrate USDC into services such as savings, payments and cash rewards.
The USDC stablecoin adds steps to boost its adoption against USDT.
Cryptocurrency exchange Bybit announced on Monday a strategic alliance with Circle, the company behind the USDC coin (USDC) stablecoin. This agreement seeks to expand access to the currency within the platform’s global ecosystem, in addition to strengthening its position as a regulated and trusted environment.
Collaboration will allow the exchange to strengthen USDC liquidity in both spot and derivatives markets, optimizing operations for retail and institutional investors. In addition, initiatives and campaigns will be implemented aimed at increasing the usefulness of the stablecoin within the different Bybit products and services.
A key aspect of the alliance is the integration of solutions that facilitate the conversion between fiat currency and digital assets, combining Circle’s infrastructure with Bybit’s reach. They seek this to allow deposits and withdrawals to be made more quickly and efficiently in strategic markets.
The platform also plans to expand USDC integration into various services, such as Bybit Earn for savings, Bybit Card for cash rewards, and Bybit Pay for everyday payments.
In a statement published by Circle, stand out that Bybit has made progress in regulatory compliancesuch as obtaining the full virtual asset operator license in the United Arab Emirates and expanding its regulatory oversight in Europe, Türkiye and other regions.
For now, USDC remains the second stablecoin with the highest market capitalization after tether (USDT). These have a value of 78.2 billion dollars vs. 185.7 billion dollars (USD), as seen below.
Strategic alliance and regulatory framework favor USDC
Ben Zhou, co-founder and CEO of Bybit, highlighted that this alliance constitutes a key step to offer a comprehensive, liquid and easy-to-use ecosystem, integrating USDC in trading, payments and savings.
Both companies will continue to explore deeper integrations to enhance cross-chain liquidity and develop institutional-level financial solutions.
The push for USDC on Bybit coincides with an announcement on the same day from the US Commodity Futures Trading Commission (CFTC), which is related to the stablecoin. As reported by CriptoNoticias, the regulator will allow bitcoin, ether and USDC to be used as collateral in the country’s regulated derivatives markets, which may contribute to their adoption.