Key Takeaways:
- USD1, a new fully-backed stablecoin issued by BitGo, is now live on Bybit Spot.
- Bybit launches two massive campaigns totaling 300,000 USD1 in rewards for users.
- USD1 aims to rival USDT and USDC with 1:1 USD backing and cross-network availability.
Bybit has officially listed USD1, a US dollar-backed stablecoin, on its Spot trading platform, accompanied by two limited-time promotional events offering a combined 300,000 USD1 prize pool. The launch underscores growing competition in the stablecoin space as exchanges and issuers target user adoption through incentives and transparency.
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Bybit Lists USD1 with $300K Giveaway to Boost Adoption
Crypto exchange Bybit announced the listing of USD1, a new stablecoin issued by BitGo under license from World Liberty Financial, Inc. (WLFI). The token is now available for trading on Bybit’s Spot market with the trading pairs USD1/USDT and MNT/USD1, starting July 9, 2025.
To celebrate the launch, Bybit introduced two parallel promotional events:
- Event 1: 150,000 USD1 reserved for new users who complete identity verification and deposit or trade at least 100 USD1/USDT.
- Event 2: 150,000 USD1 for active Spot traders who trade at least 500 USDT worth of USD1, with rewards of up to 700 USD1 per user.
These campaigns run until July 23, 2025, aiming to drive liquidity and onboarding while establishing USD1 as a credible stablecoin alternative on major trading platforms.
A Compliance-Focused Stablecoin Backed by Real Reserves
Unlike many newer stablecoin launches, USD1 enters the market with a strong compliance and transparency pitch. The token is issued by BitGo, a firm known for its institutional-grade crypto custody services. BitGo holds USD1 reserves in cash deposits and short-term U.S. Treasuries, ensuring a 1:1 backing.
Key features of USD1 include:
- Full dollar backing held in transparent reserves.
- Independent third-party audits conducted regularly to verify backing.
- Redemption rights for eligible users, similar to USDC.
- Multi-chain availability, with deposits and withdrawals on Ethereum (ERC-20) and Binance Smart Chain (BSC).
USD1 also allocates support for WLFI’s pending DeFi protocol, embedding it as a utility tokenized stablecoin within DeFi Ecosystems.
Bybit Eyes Stablecoin Market as USD1 Challenges USDT Dominance
For Bybit, trading USD1 for its first quote currency is a move that indicates it’s hoping to break into the stablecoins space following the success of Tether’s USDT and Circle’s USDC. Though USDT continues to lead by market cap, the newcomers are proving popular by being transparent and real-world-asset-backed, which a lot of users and institutions now care about.
Bybit has recently been pushing for compliance, education and diversification across its platform. The USD1 Launch is the next step in that strategy, with the trust recently listing of tokenized stocks and DeFi-native assets. The new stablecoin is being made as easily accessible as can be with Spot Grid Bot integration for USD1 trading, to fiat onboarding methods such as One-Click Buy.
Part of its expansion, is the addition of USD1 to Bybit Lens, a data analytics resource that provides traders with insights on a token’s real time performance, on-chain data and market trends.
Read More: WLFI Token May Soon Go Live: $80M Buzz, Transfer Proposal Sparks Massive Community Shift
USD1 Listing Timeline and Trading Details
Here’s a quick overview of the listing timeline:
- USD1 deposits: Opened July 8, 2025 at 10:00 AM UTC
- USD1/USDT Spot trading: Live since July 9, 2025 at 10:00 AM UTC
- MNT/USD1 trading pair: Launched July 9, 2025 at 12:00 PM UTC
- USD1 withdrawals: Available from July 10, 2025 at 10:00 AM UTC
Deposits and withdrawals are supported via ETH and BSC networks. Notably, USD1 is immediately compatible with Bybit’s Spot Grid Bots, enabling automated trading strategies on launch day.
To fund USD1 trading, users can:
- Purchase USDT via fiat or P2P.
- Deposit USDT directly to their Bybit wallet.
- Use USDT to trade into USD1 through the listed pair.
Campaign Terms, Restrictions, and Eligibility
Bybit has outlined strict participation terms for both promotional events:
- Only users who click “Register Now” will be eligible for rewards.
- Event 1 (for new users): Requires identity verification and a minimum deposit/trade of 100 USD1 or USDT.
- Event 2 (for traders): Requires a total Spot trading volume of 500 USDT in USD1 during the event period.
- Subaccounts are excluded from Event 1 but allowed in Event 2 (except API trades).
- Rewards will be distributed to the appropriate user wallet within 7 days after the event ends.
- Institutional accounts and market makers are not eligible.
- Users from restricted regions, including the European Economic Area (EEA), cannot participate.
Bybit maintains the right to disqualify any user suspected of manipulation, wash trading, or fraudulent activity.
USD1 positions itself at the intersection of these dynamics—offering the backing of short-term U.S. Treasuries, regulated redemption features, and a launchpad on one of the world’s top 5 crypto exchanges.
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.
