Circle, the publicly-listed issuer of one of the largest US dollar stablecoins globally, has entered into a strategic partnership with cryptocurrency exchange Bybit.
Bybit has entered a strategic partnership with an affiliate of Circle to expand liquidity and usability of its USDC (USDC) stablecoin, according to a joint announcement on Monday.
“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,” the companies said.
The partnership comes as USDC is gaining momentum, with its market capitalization surging to historic records and nearing $80 billion.
Bybit to deepen USDC integration across spot, derivatives and payment channels
“Bybit’s partnership with Circle allows us to deepen USDC integration across spot, derivatives, and payment channels within a transparent and compliant framework,” a spokesperson for Bybit told Cointelegraph.
The crypto exchange is working closely with Circle to enhance liquidity provisioning, strengthen fiat on-ramps and off-ramps, as well as expand crosschain support, the representative said, adding:
“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.”
Bybit’s spokesperson mentioned that the exchange started to integrate USDC several years ago, starting with spot and perpetual trading pairs and expanding it to savings products, institutional settlement, conversion tools and fiat payment channels.
Related: Ethena’s synthetic USDe contracts sharply as dollar-backed stablecoins expand
“Today, USDC is already embedded across our ecosystem, and this new strategic partnership strengthens the underlying infrastructure with better liquidity, faster settlement and broader use cases,” Bybit said.
USDC market cap nearing $80 billion
The Bybit–Circle partnership caps a year of strong growth for USDC, with the stablecoin nearly doubling its market cap since the beginning of 2025.
Since Jan. 1, 2025, USDC market capitalization has surged by 77% from around $44 billion to $78 billion as of Dec. 7, according to data from CoinGecko.
The growth aligns with Circle increasingly pushing partnerships in traditional finance, including collaborations with the global exchange organization Deutsche Börse, payment giant Mastercard and more.
By comparison, Tether, the world’s largest stablecoin by market capitalization, has seen its market cap rise about 36% since the start of the year, climbing from roughly $137 billion to $186 billion.
“Bybit supports multiple stablecoins and remains committed to giving users choice. Our collaboration with Circle is not about exclusivity,” a spokesperson for Bybit said, adding: “It reflects our focus on transparency and regulatory clarity as the industry matures.”
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