Bybit has reported a surge in volume for USDC pairs, with the spot market volume for USDC growing 1,437% and USDC contribution to the total spot trading volume rising from 8% to 40%.
The rise of USDC volumes came on the heels of extreme selling pressure in the wake of the shut down of Silicon Valley Bank, where Circle has cash reserves.
USDC/USDt perpetual contracts exceeded $380m ADV at Bybit
The world’s third most visited crypto exchange was able to meet market demands during the highly volatile period for the stablecoin as many traders looked to move their assets to Tether.
Bybit’s perpetual market saw the daily trading volume of the USDC/USDT pair exceeding $380 million, and the annualized funding rate reaching as high as 740%.
After being able to navigate such difficult times, the crypto exchange is now offering zero fees on its options contracts and zero fees on all USDC Spot pairs and major stablecoin pairs such as USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC.
The company was founded in 2018 and made its brand grow by sponsoring big names such as Formula One’s Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, as well as Borussia Dortmund.
Bybit launches Bybit Card and opens office in Dubai
Bybit not only offers access to crypto trading, but an expanding range of products for custody and payments, including:
- Bybit Wallet, which allows users to access decentralized finance apps while keeping their funds safe in custody;
- Bybit Card, a debit card powered by the Mastercard network, allows users to off-ramp crypto into fiat to easily make purchases or take out cash from ATMs. The digital card is already available with preorders for the physical card commencing March 17.
Bybit has also announced the plan for a new headquarters in Dubai in spring 2023. With more than 400 crypto and blockchain businesses operating in the Middle East’s burgeoning digital assets hub, Bybit has taken the No.2 spot among exchanges in the region.
In just under a year, Bybit has generated $33.5b in trading volume across the Middle East and North Africa and is on track to double that figure in 2023.
Ben Zhou, co-founder and CEO of Bybit, said: “One thing we do well at Bybit is to Listen, Care and Improve. It is our job to be there for our customers when they need us the most. And we are able to support the surge in volumes in volatile markets because of years of building on platform integrity, fund safety, security, product integrations and risk management. We are determined to empower our customers with next-level products such as AI trading bots, easy fiat conversions, and proof of reserves. Bybit is the choice of reliability and transparency in times of high volatility, and these are qualities that will steer Bybit towards its goal of becoming the go-to ‘Crypto Ark’ for investors worldwide.”
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