Crypto exchange Bybit made a strategic partnership with stablecoin issuer Circle in the backdrop of the crypto market getting better and gearing up for a bull run. This partnership goes on to show that the duo is deliberately setting themselves up to gain some advantage of the imminent bull rally.
The second-largest crypto exchange by trading volume, Bybit, forged a strategic partnership with Circle at a time when the crypto market is all set for a bull market.
Circle’s press release read: “The partnership aims to expand USDC access across Bybit’s global ecosystem, strengthen liquidity of the world’s largest regulated stablecoin, and reinforce Bybit’s position as a regulatory-compliant platform committed to transparency and trust.”
In an effort to spread the adoption of stablecoin all across Bybit’s product, the exchange will integrate USDC liquidity across spot and derivatives markets, producing a more efficient trading environment for retail and institutional users.
In addition, the partnership will further extend to fiat on- and off-ramp solutions. The collaboration will further make use of Circle’s infrastructure and network of partners and combine it with Bybit’s extensive global reach, simplifying deposits and withdrawals across the market.
Just a few months ago, Circle partnered with OKX exchange, enabling users to directly convert USD to USDC and back within the OKX platform.
Markets get better
This kind of exchange–stablecoin issuer partnership comes in the wake of the crypto market healing and getting better. For instance, the total crypto market cap is once again rising, forming an uptrend. From $3 trillion yesterday, it has risen to 3.13 trillion registering a steep uptrend.
Meanwhile, the overall sentiment of the crypto market is getting better as investors slowly move out of the fear zone. CoinMarketCap’s Fear and Greed Index, which gauges the market sentiment, moved away from the extreme fear zone.
The timing of the partnership
The partnership emerged as Circle and ByBit set themselves to profit from trading volume, yield sharing, conversion fees, and new users.
When the market is buzzing, volatility increases. This collab helps with stabilizing liquidity and smoothing on-/off-ramping activities when volatility is on the rise. Traders often move in and out using stablecoins like USDC. As Bybit has a strong USDC infrastructure, it means that more volume and trading activity flow through it.
Many traders, including institutions, are more likely to use regulated stablecoins like USDC for reliability. Bybit’s USDC integration could attract a broader user base.
