Key Notes
- Partnership aims to boost USDC accessibility for both retail and institutional traders through enhanced platform features.
- Circle reports USDC circulation reached $73.7 billion in Q3 2025, marking a 108% year-over-year increase despite market volatility.
- Stablecoin sector faces scrutiny as S&P downgrades Tether’s rating amid questions about long-term market stability.
Cryptocurrency exchange Bybit and stablecoin issuer Circle have announced a strategic partnership that will see the two firms collaborate to expand USDC services across the Bybit stack.
According to a Dec. 8 press release, the partnership will focus on enhancing USDC liquidity across spot and derivatives markets, extending existing fiat-to-crypto on/off-ramps, and expanding USDC integration throughout Bybit platform services such as Bybit Card, Bybit Earn, and Bybit Savings.
Jeremy Allaire, Chairman, Co-founder and CEO of Circle, added, in commentary, that the two firms were focused on “making it easier for retail and institutional users to access and use USDC.”
Circle 🤝 @Bybit_Official
We are partnering with Bybit, the world’s second-largest cryptocurrency exchange by trading volume, to expand global access to @USDC.
This partnership will focus on liquidity, on/off-ramps and real-world utility, powering fully reserved stablecoins… pic.twitter.com/PcVntItox7
— Circle (@circle) December 8, 2025
Expanding USDC Access as Stablecoins Ride the Downturn
The partnership comes amid a stellar season for Circle and the overall stablecoin market. As Coinspeaker recently reported, Circle Internet Financial reported total USDC circulation reached $73.7 billion at the end of Q3 2025, up 108% year-over-year with net income of $214 million for the quarter.
Circle’s total revenue and reserve income was reported as $740 million, up 66% year-over-year, with adjusted EBITDA of $166 million, up 78% from the previous year.
Even as the greater cryptocurrency market suffered a significant downturn on Oct. 10, stablecoin issuers such as stablecoin market leader Tether and Circle were busy minting some 20 million new coins backed by company fiat reserves.
Despite stablecoins displaying resilience in the face of an overall market dip, the continuing underperformance of Bitcoin
BTC
$90 075
24h volatility:
0.9%
Market cap:
$1.80 T
Vol. 24h:
$47.76 B
and Ethereum
ETH
$3 113
24h volatility:
0.2%
Market cap:
$374.73 B
Vol. 24h:
$27.25 B
relative to prior quarters has caused some analysts to question the stablecoin sector’s long-term stability.
On Nov. 26, for example, analysts at S&P downgraded Tether from a rating of 4 out of 5, indicating “constrained” ability to remain pegged to the US dollar, to a 5 or “poor” rating.
Tether CEO Paolo Ardoino called the new rating “FUD” in a post on X.com wherein he claimed the rater had overlooked salient financial information related to the firm. He dismissed the analysis by opining that “some influencers are either bad at math or have the incentive to push our competitors.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
