Crypto derivatives exchange Bybit has partnered with stablecoin issuer Circle Internet Financial to launch a suite of USD Coin (USDC)-denominated spot trading pairs, a move the company says will expand retail and institutional access to the products settled in USDC.
Under the collaboration agreement, Bybit will expand its USDC spot pairs to include various digital assets, including Bitcoin (BTC) Y Ether (ETH), the company revealed on Wednesday. The derivatives exchange will also make auto-conversions between the US dollar and USDC available. Bybit said it intends to collaborate with Circle on other initiatives to drive stablecoin and cryptocurrency adoption.
A major US investment bank is eyeing the crypto derivatives market.
Goldman Sachs is reportedly trying to onboard some of its derivatives products into @FTX_Official crypto derivatives offerings. https://t.co/c0467Knv9U
(Reporting via @_prashantjha)
— Cointelegraph (@Cointelegraph) June 1, 2022
Bybit began offering USDC options and perpetual contracts in April of this year, giving traders more ways to hedge against movements in the spot market. At the time, Bybit CEO Ben Zhou told Cointelegraph that the options launch was a response to growing user demand. On Wednesday, Zhou said the USDC options launch had been a success and Bybit was looking to “further develop our working relationship with Circle.”
In addition to USDC options, Bybit plans to make Ether and Solana (SOL) options available to traders soon.
Circle’s USDC is the second largest stablecoin in the world, with a market capitalization of $52.3 billion, according to CoinMarketCap. Only Tether USDT has more market penetration, with a capitalization of USD 67.6 billion.
Circle published a full breakdown of its USDC holdings for the period ending June 30, 2022 in July. At the time, about 75.6% of its backing was in short-term US Treasury bills. The remainder of his position was in cash deposits at regulated banks.
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