- Bybit reports a daily trading volume of over $380 million for the USDC/USDT pair.
- It is now offering zero fees on its options contracts and trading on all USDC spot pairs.
- Bybit has made $33.5 billion in trading volume in less than a year.
Bybit, the world’s third most visited crypto exchange, reported increased volume for the USD Coin pair. The same was reported with spot market volume for USDC increasing by 1,437%. USDC offering to total spot trading volume growing from 8% to 40%.
As the report shows, the increase in USDC volume came under intense selling pressure. In the wake of the closure of the Silicon Valley Bank where the Circle holds its cash reserves.
USDC/USDT never-ending settlement increased $380m ADV on Bybit
Bybit arrived hoping to meet market demands for a stablecoin during a highly volatile period, as many traders looked to move their assets to Tether.
According to the reports, the everlasting market of Bybit has seen a daily trading volume of over $380 million for the USDC/USDT pair. An annualized funding rate of up to 740%.
For now, the best thing to be noted about this crypto exchange is having been able to navigate such difficult times. Bybit offers zero fees on its options contracts and trading on all USDC spot pairs. Major stablecoin pairs such as BSDT/USDT, USDC/USDT, WBTC/BTC, and DAI/USDT.
Reportedly, Bybit was launched in the year 2018 and became famous by sponsoring several big buck names of the world. Such as esports teams NAVI, Astralis, Formula One’s Oracle Red Bull Racing team, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, alongside Borussia Dortmund.
Bybit launches its Bybit Card
Bybit provides not only the option of trading crypto but also leverages a range of products for custody and payments, including
- Bybit wallet: The exchange allows users to access decentralized finance apps while keeping their funds safe in custody.
- Bybit card: Bybit proudly announced the launch of the Bybit card, a debit card powered by the Mastercard network, which Moorland issues.
Notably, so far Bybit has launched its free virtual Card for online purchases. The exchange hopes to launch its physical Card in April this year. In the starting phase, Bybit cards will be available for selected blue chip virtual currencies such as BTC, ETH, USDT, XRP, and USDC.
Meanwhile, Bybit has also announced plans for a new headquarters in digital Dubai in the spring of 2023. With over 400 crypto and blockchain businesses operating in the growing digital asset hub of the Middle East. Reportedly, the company has secured the No. 2 position among regional exchanges.
In less than a year, Bybit has made $33.5 billion in trading volume in the MENA (Middle East and North Africa) region. It is on its way to doubling that figure this year.