Deribit to Launch USDC-Settled BTC and ETH Options on August 19

Deribit, the world’s largest crypto options exchange, will roll out USDC-settled options for Bitcoin and Ethereum on August 19, 2025, expanding its stablecoin-based product lineup. The move introduces new linear contracts that settle in the dollar-pegged stablecoin USDC, offering traders smaller trade sizes, more flexibility with collateral, and new opportunities for hedging.

What’s Changing

Deribit has long offered inverse (coin-settled) options, where payouts are made in BTC or ETH. With this update, the exchange is introducing linear options for both BTC and ETH, where payouts are made in USDC. Both product types will run in parallel.

For example:

• A BTC-USDC call option with a strike of $90,000 will pay out 10,000 USDC if Bitcoin expires at $100,000.
• Similarly, a BTC-USDC put option struck at $80,000 will pay 5,000 USDC if Bitcoin closes at $75,000.

These contracts mirror traditional market structures more closely, appealing to traders who prefer stable collateral over crypto-denominated balances.

Why It Matters

The new offering follows growing institutional demand for stablecoin-settled derivatives, according to Deribit CEO Luuk Strijers. Institutions and retail traders alike benefit from the simplicity of holding and settling in USDC, avoiding rebalancing issues and volatility tied to coin-denominated accounts.

The minimum trade sizes for the new contracts are smaller than their inverse counterparts, 0.01 BTC and 0.1 ETH – making them more accessible. Deribit also highlighted capital efficiency improvements, as risk offsets between inverse and linear positions will lower margin requirements when using its cross-margining system.

Market Context

The launch extends Deribit’s USDC product suite, which already includes perpetual futures and altcoin options. Similar linear products exist for Solana, XRP, and Paxos Gold, though some were discontinued due to liquidity constraints.

The timing also coincides with Deribit’s strong growth. In July 2025, the exchange reported over $185 billion in trading volume, its best month ever, as institutional flows surged.