Crypto alternate Kraken has added stablecoin USD Coin (USDC) to its record of buying and selling pairs.
Touted as “the world’s fastest-growing stablecoin,” USDC noticed itemizing at this time on crypto alternate Kraken, per a press launch offered to Cointelegraph on Jan. 8.
USDC developed by Circle and Coinbase
Fee firm Circle, alongside crypto alternate powerhouse Coinbase, based an endeavor known as the Centre Consortium, creating USDC below the Centre title.
An Ethereum-based (ERC-20) token, USDC is a cryptocurrency pegged to the U.S. greenback, permitting merchants and buyers to park their cash in a secure and transferable digital asset if want be.
The previous two years have seen an inflow of extra stablecoins into the crypto house, together with USDC, after regulatory and insolvency fears flooded the market surrounding legacy stablecoin Tether (USDT).
In December 2019, USDC posted a market cap of greater than $500 million — solely the second stablecoin in historical past to realize such numbers, the press launch famous. Nonetheless displaying its market dominance at press time, USDT sits with a market cap of greater than $four billion.
Circle and Coinbase record USDC on Kraken, a competitor
Based in 2011, Kraken is likely one of the oldest exchanges within the crypto house. Kraken’s place as a pure competitor to Coinbase, based in 2012, would possibly lead the general public to query Kraken’s itemizing of USDC, a product related to Coinbase.
Coinbase and Kraken are two of the most important spot exchanges within the crypto house, with Coinbase’s Professional platform rating third and Kraken rating 4th on CoinGecko’s record of the highest 100 crypto exchanges by quantity — making them the most important two working in the USA.
Cointelegraph reached out to Circle however obtained no response as of press time. This text shall be up to date accordingly upon receipt of a response.
Moreover, Whale Alert, a Twitter account devoted to tweeting about giant cryptocurrency actions, notified the general public of a minting of USDC valued at greater than $1.four million on Jan. 8.
In December 2019, Kraken additionally bought Circle Commerce OTC, Circle’s over-the-counter (OTC) buying and selling enterprise, Cointelegraph reported.