Bybit goes online and BTC and ETH USDC settle futures contracts

On March 22, according to an official announcement, Bybit announced the launch of the USDC futures contract. BTC and ETH USDC settlement futures contracts can now be traded on the Bybit Web and API, and the Bybit App (version 4.14.0) will soon be available.

Interpretation of this information:

Bybit, the cryptocurrency exchange, is enabling trading of USDC settlement futures contracts for both BTC and ETH. The announcement was made on March 22 through their official channels. The new contracts can be accessed using their Web and API platforms, while the latest version of the Bybit App, 4.14.0, will have the new addition shortly.

USDC, otherwise known as the US Dollar Coin, is a stable coin that is fully backed by US dollars. With the increasing popularity of stable coins in recent years, Bybit has been gradually introducing them into its platform. The USDC futures contract is a natural addition to the already-available inverse and linear futures contracts for various cryptocurrencies. Inverse futures contracts are used by traders who believe that cryptocurrency prices will fall, while linear futures contracts are used by those who believe prices will rise.

Bybit’s USDC futures contract enables traders to avoid the volatility that comes with traditional cryptocurrency trading. With USDC, trades can be made with complete transparency, as each USDC is matched to a corresponding US dollar. The trading fee for the USDC futures contract is also relatively lower compared to the inverse and linear futures contracts, which further enhances its appeal.

The introduction of the new futures contracts for BTC and ETH represents a strategic pivot for Bybit. The USDC futures contract is intended to enhance user engagement, increase trading volumes, and expand the platform’s reach. Bybit has been one of the fastest-growing cryptocurrency exchanges in the world, and they aim to leverage their momentum by diversifying the contracts available for trading.

Bybit’s move to bring USDC futures contracts to its platform aligns with the broader trend of increasing demand for stable coins in the cryptocurrency market. With the potential dangers of a sudden crash in the cryptocurrency market, a stable coin like USDC provides traders with a more predictable way to invest in cryptocurrencies.