Circle, a prominent issuer of USD-pegged stablecoins, has collaborated with cryptocurrency exchange Bybit to boost the use and liquidity of USDC (USDC), as stated in their 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.

This collaboration emerges as USDC’s market capitalization approaches an all-time high, nearing $80 billion.

Bybit to Enhance USDC Use in Various Domains

“Bybit’s collaboration with Circle enables us to deepen USDC integration across trading, derivatives, and payment opportunities within a compliant framework,” a Bybit representative mentioned to Cointelegraph.

The exchange aims to work closely with Circle to bolster liquidity, payments, and crosschain functionalities. The representative added:

“This collaboration is just the beginning — especially in the EEA region, where Circle has a strong regulatory presence under MiCA. We see substantial opportunities to grow USDC’s utility and provide more reliable settlement options for users globally.”

Bybit has already begun implementing USDC over the past few years, initially for trading pairs and later expanding into savings products and institutional tools.

Related: Ethena’s synthetic USDe contracts sharply as dollar-backed stablecoins expand

“Currently, USDC is already a part of our ecosystem, and this partnership further enhances our infrastructure by providing better liquidity and broader applications,” Bybit affirmed.

USDC Market Capitalization Approaching $80 Billion

The Bybit-Circle collaboration exemplifies a year of impressive growth for USDC, which has almost doubled its market cap since the start of 2025.

Since January 1, 2025, USDC’s market capitalization has shot up by 77%, increasing from roughly $44 billion to $78 billion as reported on Sunday (CoinGecko).

The growth trend correlates with Circle’s increasing number of partnerships within traditional finance, including ties with the global exchange organization Deutsche Börse and the payment giant Mastercard.

USDC Market Capitalization Chart since Launch USDC market capitalization chart since launch. Source: CoinGecko

In contrast, Tether, the leading stablecoin by market cap, saw its capitalization rise by about 36% this year, climbing from $137 billion to $186 billion (CoinGecko).

“Bybit supports multiple stablecoins and prioritizes giving users options. Our collaboration with Circle is not exclusive,” a spokesperson from Bybit clarified, emphasizing the focus on transparency as the industry evolves.