Cryptocurrency derivatives exchange Bybit has partnered with Circle Internet Financial to expand its portfolio of spot trading in USD Coin (USDC).
The company announced on Wednesday that as part of the partnership, Bybit will expand its USDC spot trading pairs to include several additional cryptocurrencies, and will provide automatic conversions between the US dollar and USDC. Bybit said it plans to collaborate with Circle on other initiatives to increase stablecoin and crypto adoption.
According to a Circle employee, Bybit exchange currently supports around 35 USDC spot pairs.
A major US investment bank eyes the crypto derivatives market.
(Reporting via @_prashantjha)
— Cointelegraph (@Cointelegraph) June 1, 2022
Bybit started offering USDC options and perpetual contracts in April of this year, developing more opportunities for traders to hedge against movements in the spot market. Bybit CEO Ben Zhou told Cointelegraph that the options are diversifying in response to increasing user demand. In addition, Zhou said that the launch, which took place to increase the USDC options, was successful and they wanted to further develop Bybit’s relationship with Circle.
In addition to USDC, Bybit plans to soon offer Ether (ETH) and Solana (SOL) options to investors.
According to CoinMarketCap, Circle’s USDC is on the list as the world’s second-largest stablecoin with a market cap of $52.3 billion. Tether’s USDT is at the top of the list with $ 67.6 billion.
Circle released a full breakdown of USDC reserves for July on June 30, 2022. About 75.6 percent of its reserves were held in short-term US treasury bills, with the remainder held as cash deposits at local banks.