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Bybit Partners with Circle to Expand USDC Services Across Platform
Yahoo Finance· 2025-12-08 17:33
Core Insights - Bybit and Circle have formed a strategic partnership to enhance USDC services across Bybit's platform, focusing on liquidity in spot and derivatives markets, and improving fiat-to-crypto on/off-ramps [1] - The partnership aims to facilitate easier access to USDC for both retail and institutional users, as stated by Circle's CEO Jeremy Allaire [2] Group 1: Partnership Details - The collaboration will enhance USDC liquidity and expand its integration into Bybit services such as Bybit Card, Bybit Earn, and Bybit Savings [1] - The partnership is timely as Circle reported a significant increase in USDC circulation, reaching $73.7 billion at the end of Q3 2025, a 108% year-over-year growth [2] Group 2: Financial Performance - Circle's total revenue and reserve income for the quarter was reported at $740 million, reflecting a 66% year-over-year increase, with adjusted EBITDA of $166 million, up 78% from the previous year [3] - Despite a downturn in the broader cryptocurrency market, stablecoin issuers like Circle continued to mint new coins, with approximately 20 million new coins backed by fiat reserves [3] Group 3: Market Context - The stablecoin market, including Circle, has shown resilience despite the overall market dip, although analysts have raised concerns about the long-term stability of the sector due to the underperformance of Bitcoin and Ethereum [4] - Recent downgrades of Tether's rating by S&P have sparked discussions about the stability of stablecoins, with Tether's CEO dismissing the rating as unfounded [4][5]