Bybit is Taking Crypto Derivatives Deeper Into The Forex Market Bybit (@Bybit_Official) has launched USDT settled perpetuals tracking EUR/USD, GBP/USD and USD/JPY. The new contracts give crypto traders exposure to major currency movements without owning the underlying

What happened

Bybit launched USDT settled perpetual contracts that track the EUR/USD, GBP/USD, and USD/JPY currency pairs. These new crypto derivatives allow traders to gain exposure to major foreign exchange movements without holding the actual currencies, using USDT as the settlement asset.

Confirmed

Global impact / market context

This links the crypto world with traditional currency trading. Crypto traders can now bet on forex price changes using digital assets, which means broader market access and potentially more trading activity for Bybit as it competes with traditional forex platforms.

Analyst inference

Crypto exchanges are expanding beyond digital-only assets into traditional markets like currencies. By offering forex-tracked products, Bybit may attract traders seeking volatility and diversification. This could increase trading volumes and demand for USDT, the stablecoin used for settlements on the platform.

Analyst inference

What to watch

1. Bybit has launched USDT settled perpetuals tracking EUR/USD, GBP/USD, and USD/JPY, confirming its entry into forex-linked crypto derivatives. Confirmed
2. Watch whether other crypto exchanges respond by launching similar forex products, which could intensify competition for trader attention and increase overall market activity. Proposed
3. Monitor whether trading volumes on these new contracts grow, which could signal broader adoption of crypto platforms for currency trading and influence future product launches. Analyst inference

Affected assets

• USDT — Tether

Evidence

• x.com