Bybit Launches USD1 Stablecoin on Spot Trading Platform with 300,000 USD1 Prize Pool

Bybit has officially launched USD1, a new stablecoin issued by BitGo, on its Spot trading platform. The stablecoin is backed by the US dollar and is now available for trading with the pairs USD1/USDT and MNT/USD1. To celebrate the launch, Bybit has introduced two promotional events with a combined prize pool of 300,000 USD1. The first event offers 150,000 USD1 to new users who complete identity verification and deposit or trade at least 100 USD1/USDT. The second event provides 150,000 USD1 to active Spot traders who trade at least 500 USDT worth of USD1, with rewards of up to 700 USD1 per user. These campaigns aim to drive liquidity and onboarding while establishing USD1 as a credible stablecoin alternative on major trading platforms.

USD1 is designed to rival existing stablecoins like USDT and USDC by offering full dollar backing held in transparent reserves, independent third-party audits, redemption rights for eligible users, and multi-chain availability on Ethereum (ERC-20) and Binance Smart Chain (BSC). The stablecoin also supports WLFI’s pending DeFi protocol, embedding it as a utility tokenized stablecoin within DeFi ecosystems. Bybit’s integration of USD1 aligns with its strategy of promoting compliance, education, and diversification across its platform. The exchange has recently listed tokenized stocks and DeFi-native assets, and the new stablecoin is made easily accessible with Spot Grid Bot integration for USD1 trading and fiat onboarding methods such as One-Click Buy.

Bybit has outlined strict participation terms for both promotional events, including identity verification requirements, minimum deposit/trade volumes, and restrictions on subaccounts and institutional accounts. Users from restricted regions, including the European Economic Area (EEA), are not eligible to participate. Bybit maintains the right to disqualify any user suspected of manipulation, wash trading, or fraudulent activity. The campaigns run until July 23, 2025, and rewards will be distributed to the appropriate user wallet within 7 days after the event ends. With this listing, Bybit becomes one of the first major platforms to integrate USD1, potentially paving the way for further listings and DeFi integrations as WLFI expands.