Crypto exchange Bybit is migrating its options platform to Tether (USDT) in order to access increased liquidity. The move comes as USDC usage grows and USDT is divested, particularly from Euro area exchanges. Bybit will stop issuing new USDC-settled contracts but will continue trading existing USDC contracts alongside the new USDT contracts to ensure liquidity is not fragmented. Bybit's decision to switch to USDT is due to concerns over potential sanctions or wallet freezes related to USDC, as the exchange gains most of its traffic from the Russian Federation. Bybit is also hoping to gain a MiCA license to operate as a legalized exchange in the Euro area. The exchange is currently restricted in the USA, Canada, mainland China, France, the UK, and other sanctioned countries. Despite these restrictions, Bybit remains popular for its easy listings and risk-aware approach.



Other News from Today