Bybit Partners with Circle to Expand USDC Services Across Platform

Cryptocurrency exchange Bybit and stablecoin issuer Circle have announced a strategic partnership that will see the two firms collaborate to expand USDC services across the Bybit stack.

According to a Dec. 8 press release, the partnership will focus on enhancing USDC liquidity across spot and derivatives markets, extending existing fiat-to-crypto on/off-ramps, and expanding USDC integration throughout Bybit platform services such as Bybit Card, Bybit Earn, and Bybit Savings.

Jeremy Allaire, Chairman, Co-founder and CEO of Circle, added, in commentary, that the two firms were focused on “making it easier for retail and institutional users to access and use USDC.”

Expanding USDC Access as Stablecoins Ride the Downturn

The partnership comes amid a stellar season for Circle and the overall stablecoin market. As Coinspeaker recently reported, Circle Internet Financial reported total USDC circulation reached $73.7 billion at the end of Q3 2025, up 108% year-over-year with net income of $214 million for the quarter.

Circle’s total revenue and reserve income was reported as $740 million, up 66% year-over-year, with adjusted EBITDA of $166 million, up 78% from the previous year.

Even as the greater cryptocurrency market suffered a significant downturn on Oct. 10, stablecoin issuers such as stablecoin market leader Tether and Circle were busy minting some 20 million new coins backed by company fiat reserves.

Despite stablecoins displaying resilience in the face of an overall market dip, the continuing underperformance of Bitcoin BTC $89 979 24h volatility: 1.0% Market cap: $1.80 T Vol. 24h: $47.33 B and Ethereum ETH $3 108 24h volatility: 0.2% Market cap: $375.18 B Vol. 24h: $27.04 B relative to prior quarters has caused some analysts to question the stablecoin sector’s long-term stability.

On Nov. 26, for example, analysts at S&P downgraded Tether from a rating of 4 out of 5, indicating “constrained” ability to remain pegged to the US dollar, to a 5 or “poor” rating.

Tether CEO Paolo Ardoino called the new rating “FUD” in a post on X.com wherein he claimed the rater had overlooked salient financial information related to the firm. He dismissed the analysis by opining that “some influencers are either bad at math or have the incentive to push our competitors.”

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