Riset terverifikasi sumber: Bybit

Verified source facts

1. Bybit's notice describes migration of eligible Brazilian residents and companies to a local entity. 2. Enforcement actions are scheduled for September 21, 2026. 3. Potential actions include force-liquidation, unsupported fiat conversion to USDT and forfeiture of non-compliant benefits. 4. Migration completion is scheduled for September 24 for eligible users who complete verification and accept applicable terms.

Comparison at a glance

1. Usage and measurement test: Residency

Stablecoin adoption cannot be inferred from a single gross counter. The residency dimension concerns Brazil or outside. Define the economic job, unit of observation, time window and entities included before counting, then prove address. Otherwise one routed transaction, exchange rebalance or contract hop may be mistaken for several independent users or payments.

Separate ledger events from economic outcomes. A transfer can be real on-chain yet still represent internal treasury movement, automated arbitrage, bridge routing, collateral management or redemption rather than a purchase. Official sources can frame the categories, but they do not resolve wrong cohort. The dataset and classification method therefore belong beside every headline number.

For residency, publish the numerator, denominator and exclusions that support the claim. Make the analyst prove address, and compare at least one activity metric with one outcome metric relevant to Brazil or outside. Because wrong cohort remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

2. Usage and measurement test: Entity

The entity dimension concerns current and destination. Define the economic job, unit of observation, time window and entities included before counting, then read notice.

Official sources can frame the categories, but they do not resolve contract confusion.

For entity, publish the numerator, denominator and exclusions that support the claim. Make the analyst read notice, and compare at least one activity metric with one outcome metric relevant to current and destination. Because contract confusion remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

3. Usage and measurement test: KYC or KYB

The kyc or kyb dimension concerns required update. Define the economic job, unit of observation, time window and entities included before counting, then complete early.

Official sources can frame the categories, but they do not resolve migration failure.

For kyc or kyb, publish the numerator, denominator and exclusions that support the claim. Make the analyst complete early, and compare at least one activity metric with one outcome metric relevant to required update. Because migration failure remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

4. Usage and measurement test: Enforcement

The enforcement dimension concerns Sep 21. Define the economic job, unit of observation, time window and entities included before counting, then set earlier deadline.

Official sources can frame the categories, but they do not resolve forced action.

For enforcement, publish the numerator, denominator and exclusions that support the claim. Make the analyst set earlier deadline, and compare at least one activity metric with one outcome metric relevant to Sep 21. Because forced action remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

5. Usage and measurement test: Positions

The positions dimension concerns open exposure. Define the economic job, unit of observation, time window and entities included before counting, then close deliberately.

Official sources can frame the categories, but they do not resolve market liquidation.

For positions, publish the numerator, denominator and exclusions that support the claim. Make the analyst close deliberately, and compare at least one activity metric with one outcome metric relevant to open exposure. Because market liquidation remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

6. Usage and measurement test: Fiat balance

The fiat balance dimension concerns supported or converted. Define the economic job, unit of observation, time window and entities included before counting, then withdraw or plan.

Official sources can frame the categories, but they do not resolve rate uncertainty.

For fiat balance, publish the numerator, denominator and exclusions that support the claim. Make the analyst withdraw or plan, and compare at least one activity metric with one outcome metric relevant to supported or converted. Because rate uncertainty remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

7. Usage and measurement test: Small balance

The small balance dimension concerns termination-fee rule. Define the economic job, unit of observation, time window and entities included before counting, then review amount.

Official sources can frame the categories, but they do not resolve zeroed remainder.

For small balance, publish the numerator, denominator and exclusions that support the claim. Make the analyst review amount, and compare at least one activity metric with one outcome metric relevant to termination-fee rule. Because zeroed remainder remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

8. Usage and measurement test: Benefits

The benefits dimension concerns coupon and bonus compliance. Define the economic job, unit of observation, time window and entities included before counting, then capture terms.

Official sources can frame the categories, but they do not resolve forfeiture.

For benefits, publish the numerator, denominator and exclusions that support the claim. Make the analyst capture terms, and compare at least one activity metric with one outcome metric relevant to coupon and bonus compliance. Because forfeiture remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

9. Usage and measurement test: Completion

The completion dimension concerns Sep 24. Define the economic job, unit of observation, time window and entities included before counting, then verify final entity.

Official sources can frame the categories, but they do not resolve access gap.

For completion, publish the numerator, denominator and exclusions that support the claim. Make the analyst verify final entity, and compare at least one activity metric with one outcome metric relevant to Sep 24. Because access gap remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

10. Usage and measurement test: BRL access

The brl access dimension concerns liveness requirement. Define the economic job, unit of observation, time window and entities included before counting, then complete if needed.

Official sources can frame the categories, but they do not resolve fiat service block.

For brl access, publish the numerator, denominator and exclusions that support the claim. Make the analyst complete if needed, and compare at least one activity metric with one outcome metric relevant to liveness requirement. Because fiat service block remains unobserved, the conclusion should describe measured behavior rather than declare universal adoption.

Decision scenarios

Scenario 1: when residency becomes decisive

Consider a reader whose main constraint is Brazil or outside. The correct response is not to infer a universal platform or product winner. It is to prove address, retain the evidence, and define a stop condition before funds or permissions are committed. If the evidence changes, the decision must be reopened. This produces a repeatable operating rule rather than a one-time opinion.

Scenario 2: when entity becomes decisive

Consider a reader whose main constraint is current and destination. It is to read notice, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 3: when kyc or kyb becomes decisive

Consider a reader whose main constraint is required update. It is to complete early, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 4: when enforcement becomes decisive

Consider a reader whose main constraint is Sep 21. It is to set earlier deadline, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 5: when positions becomes decisive

Consider a reader whose main constraint is open exposure. It is to close deliberately, retain the evidence, and define a stop condition before funds or permissions are committed.

Scenario 6: when fiat balance becomes decisive

Consider a reader whose main constraint is supported or converted. It is to withdraw or plan, retain the evidence, and define a stop condition before funds or permissions are committed.

Sources and editorial method

• Brazil user migration update — Bybit
• Individual KYC verification — Bybit Help Center
• Service restrictions and terms — Bybit Help Center