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Cryptocurrency exchange Bybit has announced the launch of the market’s first USDC options for Ether and Solana.
Bybit, one of the world’s leading cryptocurrency exchanges, announced Monday, September 5th that it has launched USDC options for Ether (ETH) and Solana (SOL) contracts.
The exchange said this latest development comes after it launched the market’s first USDC-settled Bitcoin (BTC) contract earlier this year.
Bybit said the new ETH and SOL options contracts represent an important step in developing more ways for users to enhance their trading experience. To mark the launch of futures trading, Bybit has announced that users will get up to 66% off trading fees for 30 days if they register by 10:00 am UTC on October 4, 2022.
Once the options are launched, Bybit users will be able to trade ETH, SOL, and BTC options and perpetuals via Portfolio Margin. Portfolio Margin employs a risk-based model for experienced traders, including market makers and institutional investors, for optimized capital efficiency.
Bybit said the launch of options contracts on USDC means its users can settle and trade more securely and easily without having to own the underlying crypto assets.
Furthermore, since USDC is pegged to the value of USD, users do not need to hedge their underlying collateral exposure. USDC is immune to the volatility associated with other cryptocurrencies, the team added.
While commenting on this latest development, Bybit co-founder and CEO Ben Zhou said:
We have answered your questions. After launching the markets first USDC payment option earlier this year, adding ETH and SOL contracts was a natural next step. , Backed by Bybit’s abundant on-screen liquidity, minimal slippage, and robust trading capacity/matching engine of over 100,000 TPS, it has already become a major competitor in cryptocurrency trading.”
According to Bybit, all profits are also calculated in USDC, making it easier for users to benchmark and calculate returns.
Option contracts allow Bybit users to speculate on the future price of the underlying asset in USD and settle trades in USDC. This is different from futures contracts where the trade is mandatory and must be completed on the settlement date.
For newly launched products, option contracts are optional and expire without a trade if the price on the settlement date is determined to be unfavorable.
Bybit has been around since 2018 and is one of the fastest growing cryptocurrency exchanges in the world.
