Strategic Alliance to Enhance Global USDC Ecosystem
Circle, the publicly-listed issuer of one of the largest US dollar stablecoins globally, has entered into a strategic partnership with cryptocurrency exchange Bybit. This collaboration aims to expand the liquidity and usability of Circle's USD Coin (USDC) stablecoin across Bybit's global platform.
The partnership is designed to broaden USDC access throughout Bybit’s worldwide ecosystem, strengthen the liquidity of the leading regulated stablecoin, and bolster Bybit's standing as a regulatory-compliant platform dedicated to transparency and trust. This development occurs as USDC experiences significant growth, with its market capitalization approaching $80 billion.
Deepened USDC Integration Across Bybit's Offerings
Bybit intends to deepen its integration of USDC across its spot trading, derivatives, and payment channels within a transparent and compliant framework. A spokesperson for Bybit indicated that the exchange is collaborating closely with Circle to improve liquidity provisioning, enhance fiat on-ramps and off-ramps, and expand cross-chain support.
“This collaboration is just the beginning — especially in the EEA region, where Circle has a strong regulatory presence under MiCA. We see meaningful opportunities to expand USDC’s utility and deliver even more reliable settlement options for global users.”
The Bybit spokesperson noted that the exchange has been integrating USDC for several years, initially introducing it for spot and perpetual trading pairs. This integration has since expanded to include savings products, institutional settlement, conversion tools, and fiat payment channels. Bybit stated that USDC is now embedded across its ecosystem, and this new strategic partnership will reinforce the underlying infrastructure with improved liquidity, faster settlement, and a wider range of use cases.
USDC Market Capitalization Surges
The partnership between Bybit and Circle comes during a period of robust growth for USDC. The stablecoin has nearly doubled its market capitalization since the beginning of 2025. Data from CoinGecko indicates that as of December 7, USDC's market capitalization had surged by 77%, rising from approximately $44 billion to $78 billion.
This growth trajectory aligns with Circle's increasing efforts to forge partnerships within traditional finance. Notable collaborations include those with the global exchange organization Deutsche Börse, payment giant Mastercard, and others.
In comparison, Tether, the largest stablecoin by market capitalization, has seen its market cap increase by approximately 36% since the start of the year, climbing from roughly $137 billion to $186 billion.
A Bybit spokesperson clarified that the exchange supports multiple stablecoins and remains committed to offering users choice, emphasizing that the collaboration with Circle is not exclusive. The spokesperson added that this partnership reflects Bybit's focus on transparency and regulatory clarity as the cryptocurrency industry matures.