Crypto derivatives exchange Bybit has reportedly formed an alliance with stablecoin issuer Circle Internet Financial to widen the scope of its suite of spot trading pairs denominated in USD Coin (USDC).

Specifically, this initiative was explained by the firm to help amplify retail and institutional access to USDC-settled products. 

Within the scope of the partnership agreement, Bybit will reportedly widen its USDC spot pairs to cover numerous more cryptocurrencies and support auto conversions between the United States dollar and USDC. 

Bybit reportedly revealed its intention of working with Circle on other projects to enhance stablecoin and crypto adoption.

At the moment, Bybit reportedly offers facilitation of approximately 35 USDC spot pairs, as revealed by a Circle representative. 

Bybit reportedly started providing USDC options and perpetual contracts in April 2022, offering traders alternatives to hedge against movements in the spot market. 

At the time, the Head of Bybit Ben Zhou stated that the options introduction was a move to respond to climbing user demand. Zhou further claimed that the release of USDC options had proved to be successful and that Bybit was having plans down its pipeline to “further develop our working relationship with Circle.”

Apart from USDC options, Bybit reportedly looks to make Ether (ETH) and Solana (SOL) options available to traders in the near future.

Circle’s USDC stands at the second spot in the list of most major stablecoins throughout the globe, having a market capitalization of $52.3 billion, per insights from CoinMarketCap. 

Only Tether’s USDT commands more market penetration with a $67.6 billion market cap.