Bybit: The Bybit exchange will offer futures contracts on the USDC stablecoin
Cryptocurrency exchange Bybit announced on Monday that it will offer futures contracts payable in the stablecoin USD Coin (USDC) instead of Bitcoin (BTC).
A press release said, For the first time Bybit offers USDC-settled futures contracts Rather than Bitcoin, the contract aims to provide stable value to users for the duration of the contract. The total number of Bitcoin futures contracts held by users on its platform – Bitcoin Futures Open Interest – is the largest of any cryptocurrency exchange.
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CEO and co-founder Zhu Ben said in a statement that Bybit Very satisfied with its product launch Crypto Options Trading. He continued:
“Our derivatives platform has some of the best liquidity and tightest spreads in the world, so even in the face of extreme volatility, traders get the best quotes and executions in the market.”
ByBit’s announcement indicates that, unlike fixed contracts in Bitcoin, USDC usage remains stable throughout the life of each contract. The move comes at a time when stablecoins are under intense scrutiny from regulators and investors. In question, the recent brutal collapse of Terra Luna and its stablecoin UST.
Monday’s announcement comes five days after Bybit was fined The Ontario Securities Commission (OSC) – the Canadian regulator – despite the platform’s commitment to cooperate with regulators in the context of supervision.
Founded in Singapore in 2018, Bybit has become Second largest cryptocurrency exchange in trading futures contracts over the past four years, according to EduBourse.