BIT is a renowned crypto exchange among professionals, and its newest partner is Circle, or Circle Internet Financial. Circle is a financial technology company and the issuer of two popular stablecoins: USD Coin and Euro Coin. Right off the bat, BIT will be utilizing Circle’s On-Ramp Fiat to Crypto by adopting USD/USDC settlement products.
Why is Circle-BIT collaboration so important?
Crypto experts and market participants know USDC as one of the fastest-growing stablecoins with a high number of chain integrations. According to leading crypto data websites, more than $42 billion worth of USDC coins are currently in circulation at the time of writing. This number reflects the availability and demand for this particular stablecoin.
What does this partnership mean for BIT users?
This collaboration between Circle and BIT will help to promote better accessibility of the USDC and its aforementioned settled products, and that too on a wide scale. This would also result in the growth of BIT’s platform, which would become the sole hub for both institutional and retail crypto trading.
After strengthening its ties with Circle, BIT has begun a new chapter for its industrial-grade crypto offerings. This exchange platform is already serving a significant number of professionals, which explains why its 24-hour volume has surpassed $431 million. With Circle as its third fiat partner, there is a possibility that BIT would be using the USDC issuer’s API to on-ramp fiat funds into its USD accounts.
Aside from that, BIT stated in an open press release that it will support USDC as a trading partner at a 1:1 ratio to USD. Moreover, USD coins will also be used for USD-margin products. By doing so, BIT will be offering USD-margined trading pairs to its users for spot, futures, and even options markets. This will be possible through its USD basket program, which is now compatible with USDC.
But that’s not all. Thanks to Circle, BIT users can now transfer fit into BIT accounts as USDC and withdraw USD via bank wire. As a result, BIT will contribute to a greater adoption of Circle’s most popular stablecoin, i.e., USD Coin. But above all, the benefit of this collaboration will be evident for BIT users, including institutional investors.
The future of BIT x Circle
Both companies are working on expanding the adoption and utility of cryptos, specifically USD Coin, in the days to come. To do that, BIT has already launched USD-settled options in October 2022. By including USDC in its USD basket program, BIT has opened the door for accepting more stablecoins in the future.