Crypto exchange Kraken has added a stable USD currency (USDC) to the list of trading pairs.
As “the world’s fastest growing stable currency”, USDC saw the day’s listing on the Kraken Crypto Exchange, in a press release presented to Cointelegraph on January 8.
USDC developed by Circle and Coinbase
Circle Circle, the payment company, along with Quincas, the exchange-encryption center, established an endeavor called “Consortium Center”, where they developed the USDC under the name of the center.
The US currency symbol (USDC) is a Ethereum-based symbol (ERC-20), which is a cryptocurrency linked to the U.S. dollar, allowing traders and investors to pool their money in a fixed and convertible digital asset if necessary.
The past two years have seen additional stable currencies flow into crypto space, including USDC, after regulatory and insolvency concerns flooded the market surrounding the legacy of legacy stability (USDT).
In December 2019, USDC deployed market capitalization of more than $ 500 million – which is only the second stable currency in history to achieve such numbers, the press release indicated. USDT continues to dominate the market at press time, and market capitalization is over $ 4 billion.
Circle and Coinbase list USDC on Kraken, competitor
Founded in 2011, Kraken is one of the oldest exchanges in crypto space. Kraken’s position as a natural competitor to Coinbase, which was founded in 2012, could prompt the public to question Kraken’s inclusion of USDC, a product linked to Coinbase.
Coinbase and Kraken are among the largest spot exchanges in the crypto space, with Coinbase’s Pro ranked 3 and Kraken ranked 4 on CoinGecko’s list of the 100 largest crypto exchanges by volume – making them the two largest companies operating in the United States.
Cointelegraph reached Circle but received no response until press time. This article will be updated according to the response received.
In addition, Whale Alert, a Twitter account dedicated to Twitter about large cryptocurrencies, notified the public of a USDC cut of more than $ 1.4 million on January 8.
In December 2019, Kraken also purchased Circle Trade OTC, an out-of-market Circle (OTC) trading company, according to Cointelegraph.