Bybit trading volumes surge amid USDC volatility
Bybit’s trading volumes surged following the USDC de-peg and volatility, recent reports indicate. Bybit is the second-largest crypto exchange in the Middle East and North Africa (MENA) region.
Adjusting to USDC de-pegging
In the face of price pressures, collapsing crypto-friendly banks, and the de-peg of USDC, a stablecoin, Bybit’s trading volumes surged. The ramp continues to offer a secure platform and deep liquidity, improving their services and experience in light of surging demand.
These efforts led to Bybit’s spot market volume increasing by 1,437%, with USDC contributing to the trading volume by 40% as opposed to its previous 8%.
To insulate its clients from USDC’s price volatility, Bybit, on Mar. 11, said it would no longer use USDC as a stablecoin fixed at $1. Instead, it will adjust its price under Unified Trading Accounts / Unified Margin Accounts based on the market price of USDC.
📢 Changes to $USDC Collateral Value (UTA/UMA) effective from Mar 11, 2023 at 2PM UTC.
Learn more here: https://t.co/myPwPdPgcw#Bybit #TheCryptoArk pic.twitter.com/lF9PdBAVA2
— Bybit (@Bybit_Official) March 11, 2023
Accordingly, it advised its users to reduce their exposure to the asset by liquidating or reducing outstanding liabilities before the announced adjustment was effected at 2 PM (UTC) on the same day.
In response, the exchange’s perpetual futures market saw the USDC/USDT pair’s trading volume rise above $380m.
Zero fees on USDC spot pairs, Bybit Card launch
In light of the events surrounding USDC’s price volatility, Bybit said it would offer zero fees on its USDC spot pair trades. The focus is primarily on stablecoin pairs like USDC/USDT, BUSD/USDT, DAI/USDT, and WBTC/BTC.
The exchange also provided zero fee options trade and the opportunity to win 2,000 USDC worth of bonuses and VIP gifts by joining their USDC Fiesta.
Aside from free trade opportunities, Bybit is out to launch its Bybit Card. This debit card allows users to pay for items on the market. The Bybit Card will be launched in partnership with Mastercard on Mar. 17.
Bybit’s headquarters is in Singapore, with more offices in Hong Kong and Taiwan. As the second-largest crypto exchange in the MENA region, generating $33.5b in trading volume, the exchange said it plans to move its headquarters to Dubai between March and July 2023.
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