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Bybit Introduces Futures Contracts with USDC Stablecoin Settlement

Bybit Introduces Futures Contracts with USDC Stablecoin Settlement WikiBit 2022-06-29 16:15

Bybit, a Singapore-based digital asset exchange, has expanded its crypto options trading services to users with the introduction of new futures contracts paid in USDC stablecoins.

Bybit, a Singapore-based digital asset exchange, has expanded its crypto options trading services to users with the introduction of new futures contracts paid in USDC stablecoins.

On Monday, Bybit announced the availability of futures contracts settled in the stablecoin USD Coin (USDC) rather than Bitcoin.

Bybit is introducing futures settled in USDC for the first time, as part of an effort to provide users with consistent rates for the life of contracts.

The new tool allows customers to trade futures contracts on Bybit's derivatives exchange using their balance. Bybit's new options contracts allow experienced traders to utilize their balance as collateral and place long or short contracts with up to 100x leverage depending on expiration dates.

While Bybit's portfolio margin account now accepts USDT, USDC, BTC, and ETH as collateral, the company hopes to add more assets in the near future.

Customers can now trade options using portfolio margin, which uses a risk-based methodology for sophisticated investors to increase capital usage based on underlying price and volatility.

Bybit customers can use the service to speculate on the future price of an underlying digital asset and settle trades in USDC.

Ben Zhou, co-founder and CEO of Bybit, commented about the development: “We have been very pleased by the roll-out of our options trading product. We have received excellent feedback from our users too — they love our user-friendly products. Coupled with our 24/7 multilingual customer support, we have been able to help all traders take trading to the next level with a wide range of financial products.”

According to CoinMarketCap data, Bybit is the fourth largest crypto exchange in terms of futures trading volume in April. Data compiled by Skew, a major real-time analytics platform for the crypto market, revealed that Bybit, a crypto exchange with over 2 million registered users, surpassed the Chicago Mercantile Exchange (CME) as the second-largest Bitcoin futures exchange by open interest (OI).

Bybit completed $2.48 billion in BTC futures open interest, whereas CME had $2.3 billion. Binance remains the preferred exchange for institutional and individual investors due to its exceptional reliability, minimal spread, and great liquidity when the war between shorts and longs heats up.

The entire number of outstanding derivative contracts, such as options or futures, held by market participants at the conclusion of a day is referred to as open interest. The overall level of activity in the futures market is used to calculate open interest.

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