10 hour ago
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Bybit Partners with Circle to Expand USDC Services Across Platform
Cryptocurrency exchange Bybit and stablecoin issuer Circle have formed a strategic partnership to enhance USDC services. Key initiatives include:
- Increasing USDC liquidity in spot and derivatives markets.
- Expanding fiat-to-crypto on/off-ramps.
- Integrating USDC into Bybit services like Bybit Card, Earn, and Savings.
Circle's CEO Jeremy Allaire emphasized the aim to simplify access to USDC for both retail and institutional users.
Stablecoin Market Developments
- Circle reported a USDC circulation of $73.7 billion at Q3 2025, a 108% increase year-over-year.
- Total revenue and reserve income reached $740 million, with an EBITDA increase of 78% from the previous year.
- Despite market downturns, stablecoin issuers like Tether and Circle continued minting coins backed by fiat reserves.
- S&P downgraded Tether's stability rating, raising concerns about its ability to remain pegged to the USD.
Tether's CEO dismissed the downgrade as unfounded and suggested that some analyses might be biased or incorrect.