Bybit Implements Changes to Enhance User Protection for USDC/USDT Perpetual Contract
Bybit, a leading cryptocurrency derivatives exchange, has announced changes to the funding rate interval, as well as the maximum and minimum funding rates, for the USDCUSDT perpetual contract. The changes will take effect at 4 p.m. UTC on March 11, 2023.
The modifications are intended to enhance user protection. Bybit urges its users to trade responsibly and employ lower leverage levels to safeguard their accounts from potential risks. The changes to the upper and lower limits of the funding rate for USDCUSDT will take effect at 2 p.m. UTC on March 11, 2023.
📢 Adjustment of Funding Rate Interval & Upper and Lower limit of Funding rate for #USDCUSDT Perpetual Contract
Effective from Mar 11, 2023, 4PM UTC.
Full details here: https://t.co/zlFeMKLkCy#TheCryptoArk pic.twitter.com/107CP4X8eF
— Bybit (@Bybit_Official) March 11, 2023
Concerns over Stablecoin Stability Highlighted as Bybit Implements Changes to Protect Users
The timing of these changes comes amid concerns about the stability of USDC, a stablecoin issued by Circle. The peg of USDC to the US dollar was lost after the west coast bank Silicon Valley Bank was placed into federal receivership, and fears of a run on the stablecoin have surfaced.
The USDC fell to a low of 86 cents, a loss of 14 cents from its previous peg of $1.00. These developments highlight the importance of stablecoin stability and the need for cryptocurrency exchanges to take steps to protect their users from potential risks.
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Bybit’s decision to modify the funding rate interval and limits for the USDCUSDT perpetual contract is a proactive step to address these concerns and protect its users. Moreover, the exchange is committed to providing a safe and reliable platform for cryptocurrency derivatives trading.
The Exchange Urges Responsible Trading and Prioritizes Customer Safety
Bybit encourages its users to maintain an up-to-date knowledge base and conduct responsible trading in light of the recent changes. The trading platform is going to keep a close eye on how the market is behaving and will act accordingly to protect and safeguard the accounts of its customers.
It is impossible to overstate the significance of ethical trading and effective risk management in light of the ongoing development and maturation of the cryptocurrency market. Bybit’s actions show how committed the company is to make sure its customers are safe and to growing a cryptocurrency ecosystem that can be kept going for a long time.