Circle, the publicly listed issuer of one of the biggest US dollar stablecoins globally, has entered into a strategic partnership with cryptocurrency exchange Bybit.
Bybit entered into the partnership with an affiliate of Circle to expand liquidity and usability of its USDC (USDC) stablecoin, according to a joint announcement on Monday.
“The partnership aims to expand USDC access across Bybit’s global ecosystem, strengthen liquidity of the world’s largest regulated stablecoin, and reinforce Bybit’s position as a regulatory-compliant platform committed to transparency and trust,” the companies said.
The partnership comes as USDC is gaining momentum, with its market capitalization surging to historic records and nearing $80 billion.
Bybit to deepen USDC integration across spot, derivatives and payment channels
“Bybit’s partnership with Circle allows us to deepen USDC integration across spot, derivatives, and payment channels within a transparent and compliant framework,” a spokesperson for Bybit told Cointelegraph.
The crypto exchange is working closely with Circle to enhance liquidity provisioning, strengthen fiat on-ramps and off-ramps, as well as to expand crosschain support, the representative said, adding:
“This collaboration is just the beginning — especially in the EEA region, where Circle has a strong regulatory presence under MiCA. We see meaningful opportunities to expand USDC’s utility and deliver even more reliable settlement options for global users.”
Bybit’s spokesperson said the exchange began integrating USDC several years ago, starting with spot and perpetual trading pairs and expanding to savings products, institutional settlement, conversion tools and fiat payment channels.
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“Today, USDC is already embedded across our ecosystem, and this new strategic partnership strengthens the underlying infrastructure with better liquidity, faster settlement and broader use cases,” Bybit said.
USDC market cap nearing $80 billion
The Bybit–Circle partnership caps a year of strong growth for USDC, with the stablecoin nearly doubling its market cap since the beginning of 2025.
Since Jan. 1, 2025, USDC market capitalization has surged by 77% from about $44 billion to $78 billion as of Sunday, according to data from CoinGecko.
The growth aligns with Circle increasingly pushing partnerships in traditional finance, including collaborations with the global exchange organization Deutsche Börse, payment giant Mastercard and more.
USDC market capitalization chart since launch. Source: CoinGecko
By comparison, Tether, the world’s largest stablecoin by market capitalization, has seen its market cap increase about 36% since the start of the year, climbing from $137 billion to $186 billion.
“Bybit supports multiple stablecoins and remains committed to giving users choice. Our collaboration with Circle is not about exclusivity,” a spokesperson for Bybit said, adding: “It reflects our focus on transparency and regulatory clarity as the industry matures.”
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