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Circle and Bybit: New Agreement to Promote USDC

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by Giorgi Kostiuk

9 hours ago


Circle, the issuer of the USDC stablecoin, has entered into a revenue-sharing agreement with cryptocurrency exchange Bybit. At the same time, Ant Group is preparing to integrate USDC into its blockchain platform.

Partnership with Bybit

The terms of the deal with Bybit have not been disclosed. However, such agreements are part of Circle's broader strategy to promote USDC adoption. The company shares a portion of the interest income from its reserves with partner platforms, incentivizing these exchanges to increase the use of USDC.

Collaboration with Ant Group

The partnership with Ant Group will open up access for USDC to the company’s global payment infrastructure. Ant International plans to implement the stablecoin for treasury transactions and cross-border payments. The integration will take place after USDC receives the necessary regulatory status in the U.S.; the exact timeline has not yet been determined.

Trends in the Stablecoin Sector

These moves come amid rising interest in the stablecoin sector, which analysts at Grayscale have dubbed the 'summer of stablecoins.' Visa estimates that the monthly volume of transactions using such assets reaches $800 billion. Circle itself has seen notable success. After its IPO, Circle’s (CRCL) shares rose from $31 to $181 by the end of June.

Circle's agreements with Bybit and Ant Group highlight the growing importance and recognition of USDC in the financial world, as well as the increasing interest in stablecoins as an alternative asset class.

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