Circle and Bybit, the operators behind the world’s second-largest stablecoin and the second-largest crypto exchange, are entering a new partnership that may influence how digital assets move across global markets.
Bybit announced on Monday that it will give USDC a larger role across its platform.
The exchange, which ranks second worldwide by trading volume, said it will widen USDC liquidity in both spot and derivatives markets. It also plans to use the stablecoin more broadly in savings products, payments, and card rewards. And to make deposits and withdrawals smoother, Bybit will integrate Circle’s fiat on- and off-ramp tools.
Bybit
Circle
We’re partnering with @circle to broaden global access to one of the most trusted stablecoins.Together, we’ll enhance USDC liquidity, streamline on/off-ramps, and unlock more real-world utility for our users, with transparency and safety at the core.
Read more:… pic.twitter.com/saV88G8Hnn
— Bybit (@Bybit_Official) December 8, 2025
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Why Is Bybit Expanding Beyond Tether for Its Stablecoin Activity?
So far, Bybit has mostly relied on Tether for stablecoin activity, similar to many other exchanges.
For Circle, the deal offers a chance to reach more users outside its long-standing dependence on Coinbase. Circle gains another major exchange where USDC can operate at scale.
The move also comes as some analysts warn that Circle’s stock could feel pressure if USDC’s growth slows or its market share stalls.
Closing the gap between USDC and Tether may rely on Circle securing more partners overseas, especially those with strong trading communities. The company has been moving in that direction.
Almost a year ago, Binance, the world’s largest crypto exchange, reached an agreement with Circle to extend USDC’s reach across trading pairs, savings products, and payment tools on its platform.
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Is USDC Still Trading Flat and Holding Its Dollar Peg on CoinGecko?
According to data from CoinGecko, USDC has traded almost perfectly flat over the past 24 hours, holding its dollar peg.
The stablecoin is currently priced around $0.9997, with the 24-hour range between $0.9997 and $0.9999, and a 24h change of 0.0% in USD terms. USDC’s market cap is about $78.2Bn, with roughly $5.8Bn in trading volume over the same period.
Bybit seems to be signaling that its partnership with Circle is part of a push to build more trust in its platform. In Monday’s statement, the exchange referred to USDC as “the world’s largest regulated stablecoin,” a description Tether is unlikely to accept.
“Bybit’s partnership with Circle represents a major milestone in our mission to offer a fully compliant, liquid, and user-friendly ecosystem,” Bybit co-founder and CEO Ben Zhou said.
The exchange also said it recently received a Virtual Asset Platform Operator License from the UAE’s Securities and Commodities Authority. It added that it is expanding its regulatory presence across the European Economic Area, Turkey, and several other markets around the world.
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