Bybit Partners With Circle To Offer USDC Spot Pairs
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Bybit Launched USDC Options
To further diversify the trading tools available to its consumers, the exchange launched USDC options early this year. In April of this year, Bybit started providing USDC options and perpetual contracts, giving traders more excellent choices for hedging against fluctuations in the spot market.
As part of the collaboration, Bybit will create and market products like spot trading, perpetual contracts, and options that aid in expanding USDC. According to reports, Bybit attempted to slash up to 30% of its workforce in June to lower costs. The company was "exploring a means to remove overlapping functions and develop smaller but more agile teams to boost our efficiency," a spokeswoman said.
Circle's USDC Second-Largest Stablecoin
According to CoinMarketCap, Circle's USDC is the second-largest stablecoin in the world, with a market valuation of $52.3 billion. Only Tether's USDT holds a more significant market share, with a market cap of $67.6 billion. In July, Circle published a detailed analysis of its USDC holdings for the time frame ending June 30, 2022. At the time, short-term US Treasury bills accounted for around 75.6% of its support.