Stablecoin company Circle has agreed to partner with cryptocurrency exchange Bybit to improve the use of the USDC stablecoin across the second-largest cryptocurrency exchange’s services, as per an official press release.
The move strengthens Circle’s network after partnerships made with Ripple and OKX earlier this year.
Circle’s USDC coin is the second largest stablecoin by marketcap according to Coingecko, trailing only behind Tether. Such a deal between two companies of such size is expected to give both firms access to increased liquidity.
Part of the partnership’s efforts include a series of campaigns aimed at boosting the use of USDC across Bybit.
The integration of USDC will be advanced to the following services: Bybit Pay, Bybit Earn, and Bybit Card.
“Bybit’s partnership with Circle represents a major milestone in our mission to offer a fully compliant, liquid, and user-friendly ecosystem. From trading to payments to savings, we are integrating USDC to power the next phase of our platform’s growth and stability,” said Bybit’s co-founder and CEO Ben Zhou.
Stablecoin adoption improves under Trump administration
Crypto firms and the use of its offerings have increased substantially under the Trump administration.The increased promotion of stablecoins and CEO-promoted cryptocurrencies have raised concerns among key democrats in government opposition.
Circle’s latest earnings reflect increased adoption in an environment that was highly bullish on cryptocurrency until the November crash. Its Q3 earnings report showed that adoption of its stablecoin is up with a year-over-year increase in revenue of 66% to $740 million and a 108% year-over-year increase in circulating USDC to a value of $73.7 billion.
The company also disclosed widespread adoption of its public testnet Circle Arc Network in its earning, of which Bybit was part of the initial wave of companies to sign up for.