USDT News: Bybit Migrates to Tether to Enhance Platform Liquidity

Bybit, a popular cryptocurrency trading platform, has announced its decision to migrate its options and futures contracts to Tether (USDT). This move is aimed at boosting the platform's liquidity and contrasts the general shift towards USDC in the crypto industry. With a robust daily trading volume, Bybit seeks to capitalize on USDT's high liquidity.

Bybit Migrates to Tether to Boost Liquidity

Bybit is moving its options and future contracts to Tether (USDT) and will not issue new USDC contracts from February 26, aiming to increase platform liquidity. This decision contrasts the crypto industry's general shift towards USDC, as Bybit's traffic predominantly comes from the Russian Federation. USDT remains the most liquid stablecoin with a $145.2B supply, while USDC follows with $54.9B. Bybit recorded a robust $22.2B daily trading volume during the 2024 bull run, with BTC and ETH being the most actively traded derivative pairs on the platform. The transition will affect SOLUSC and ETHUSDC futures, and Bybit ensures smooth expiry of USDC and USDT contracts.

Tether Engages With U.S. Lawmakers to Shape Federal Stablecoin Regulations

Tether, the largest stablecoin issuer, is actively collaborating with U.S. lawmakers to influence federal regulations for the stablecoin industry. The company has been in talks with key legislators behind the STABLE Act and is seeking to contribute to other stablecoin bills. Tether CEO Paolo Ardoino expressed their commitment to adapting to U.S. legislation while voicing concerns over regulatory uncertainty.

Tether Collaborates with U.S. Lawmakers on Stablecoin Regulations

Tether, the largest stablecoin issuer, is engaging with U.S. lawmakers to shape federal stablecoin regulations. The company is working with Representatives Bryan Steil and French Hill on the STABLE Act and providing input on other proposed stablecoin legislation.

Tether CEO Commits to Contributing to Regulatory Framework

Tether CEO Paolo Ardoino emphasized the company's commitment to contributing to the evolving regulatory framework, stating that they will work within it and advise on field proposals to make the industry more compliant.