Kraken and Circle Team Up to Boost Stablecoin Adoption
Kraken has teamed up with Circle to boost the use of USDC and EURC stablecoins globally. This move aims to enhance access and functionality for users.
USDC is now the second-biggest dollar-linked stablecoin, valued at around $73.5 billion. Tether’s USDT still leads with over $171 billion in market cap.
The partnership means Kraken clients will enjoy better liquidity and lower fees when using USDC. The exchange will explore new ways to deploy the stablecoin too.
Kraken also plans to include EURC on its platform. This is Circle’s euro-linked stablecoin, backed by reserves. Mark Greenberg, Kraken’s global consumer head, says stablecoins align with crypto’s original design.They are free to use worldwide, programmed for various tasks.
Circle’s chief commercial officer, Kash razzaghi, notes that linking with Kraken supports their goal. They aim to create the largest, most-used stablecoin network.
kraken offers its app, Kraken Pro, and an institutional service. It provides staking, safekeeping, and derivatives. The team believes adding USDC will help people accept crypto more widely.
The GENIUS Act in the U.S. has cheered issuers like Circle. They aim to dominate the growing stablecoin market.
