Bibit is completely migrating its optional platform to Tether (USDT)

One of the most widely used exchanges of the past year, BYBIT is moving its options platform to Tether (USDT). Tether, Inc. Paolo Ardoino, CEO of the company, said this will allow Bybit to access unprecedented liquidity.

Bibit switches options and linear expiration futures contracts to tether (USDT). The Platform will halt the issuance of new USDC retention agreements from February 26th with the goal of increasing the liquidity of the platform. The Bybit movement arrives when USDC is growing in both centralized and decentralized markets, with USDT being sold, especially from the exchange of the Euro area.

Tether, Inc. Paolo Ardoino, CEO of the company, proposed that the move would bring additional liquidity to Bybit.

Bibit has moved its optional platform to tether to usdt 🔥
Unparalleled liquidity for institutional customers.

Thank you for your support ♥♥/t.co/lukbvmpoj6

-Shadoa Anateo🤖🍐 (@pawaordo) February 14, 2025

All existing USDC contracts will continue to do normal transactions, but BYBit is careful not to create USDT contracts that expire on the same date as USDC products. This is to ensure that liquidity is not fragmented and that all contracts remain well funded without disruption.

The affected agreements include Solusc and Ethusdc Futures. The basic trading rules and parameters, fees and margin levels for USDT anchoring contracts are similar to the USDC version. For Unified Trading Accounts (UTA) holders, hedging between two options and futures is supported. For some accounts in Portfolio Margin Mode, hedging is also possible in the risky margin version until all USDC contracts expire.

Bibits not affected by USDT restrictions

Bibit shifts in the opposite direction, but most services switch to USDC. The reason for this is that the exchange has acquired a large portion of the traffic from the Russian Federation.

Bibit receives most of the traffic on the site from the Russian Federation, where the use of USDT is not restricted. |Source: Semrush

As such, USDC could pose a major threat of potential sanctions or wallet freezing. For now, tokens are only limited blacklisted, but there are still skeptical users switching to other assets.

USDT remains one of the most liquid stub coins despite recent local restrictions. The token increased supply to $155.2 billion, but USDC remains at $54.9 billion. The main stubcoins remain more liquid and retain their primary position in the Ethereum ecosystem. At the same time, the majority of USDC supply has moved to Base and Solana.

Bybit lists one of the highest volumes ever, boosted by the bull market in 2024. The exchange is one of the few that post results that compete with Solana. In the market, daily trading volumes are $22.2 billion, with 648 pairs. Derivative Market.

The most active pairs are mainly Bitcoin (BTC) and Ethereum (ETH), and have already settled against USDT. Stablecoin controls both the Bybit derivative and spot markets, making its USDC products a niche currently on sale.

Bibit tries to regain its legal status in Europe

Despite using USDT for settlement, Bybit has not given up on regaining its status as a reliable exchange of the Euro area. Bybit wants to obtain a MICA license. This means that some USDT products for European traders need to be restricted.

Recently, BYBIT was removed from the French Financial Authorities (AMF) blacklist after years of attempts to comply. Exchange co-founder and CEO Ben Zhou has broken X’s news in hopes of expanding its activities as a legalized exchange in the Euro region.

After working with French regulators over two or more years through multiple repair efforts, BYBit has been officially removed from the French AMF blacklist. Next is the MICA license. pic.twitter.com/irpf5bosbp

– Ben Zhou (@benbybit) February 14, 2025

Bibit remains a regionally limited exchange that has been blocked from some of the major crypto markets due to regulatory restrictions. The service remains restricted due to the US, Canada, mainland China, France, the UK and most authorized countries and territories with limited access to crypto transactions.

Bybit 88/100 Safety assessment based on the CER security system. Despite the risks and limitations, centralized exchanges are often chosen for a simple list, and I tapped the latest token trends almost immediately. Bibit is still a risk awareness and has recently denied a listing and support of PI networks. This also limits other central exchanges.