Bybit Trading Volumes Surge Amid USDC Volatility:
• Bybit’s trading volumes surged following the USDC de-peg and volatility.
• To insulate its clients from USDC’s price volatility, Bybit has adjusted its prices based on the market price of USDC.
• In response to the recent events, Bybit is offering zero fees on its USDC spot pair trades and will be launching their Bybit Card in partnership with Mastercard.
Bybit’s Trading Volume Surge
Bybit is the second-largest crypto exchange in the Middle East and North Africa (MENA) region. Adjusting to USDC de-pegging, Bybit’s spot market volume increased by 1,437%, with USDC contributing to 40% of total trading volume as opposed to its previous 8%.
Insulating Clients from Price Volatility
To insulate its clients from USDC’s price volatility, Bybit announced that 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. On Mar 11th, they advised their users to reduce their exposure to the asset by liquidating or reducing outstanding liabilities before the adjustment was effected at 2 PM (UTC). As a result, perpetual futures market saw an increase in trading volumes for the USDT/USDT pair above $380m.
Zero Fees on Spot Pairs & Launching a Debit Card
In response to recent events surrounding USDC’s price volatility, Bybit said it would offer zero fees on their USD spot pair trades including pairs like BUSD/USDT, DAI/USDT and WBTC/BTC. Furthermore they have provided zero fee options trade and bonuses for joining their ‘USDC Fiesta’ event worth up 2,000 USDT in prizes. Additionally they are launching a debit card known as ‘ByBit Card’ which will allow users to pay for items using crypto when partnered with MasterCard on March 17th.
ByBit headquarters is located in Singapore but has offices in Hong Kong and Taiwan too. With 33 billion dollars worth of transaction volume being generated in MENA region this year alone; plans are underway to move headquarter back to Dubai between May – June 2021..
In light of current events surrounding cryptocurrency markets; exchanges such as ByBit have had a surge in activity due to both adjusting pricing strategies based on market value and providing incentives such as zero fee spot trades alongside upcoming launch of debit cards partnering with MasterCard all while planning for relocating HQ back home for better user experience .