Kraken Partners with Circle to Enhance USDC and EURC Liquidity and Decrease Conversion Expenses
Kraken, the leading cryptocurrency exchange, has announced a new partnership with Circle, a market leader in stablecoins, to offer improved liquidity and reduced conversion costs for traders on its platform.
The launch of European Central Bank (ECB) backed stablecoin EURC support on Kraken gives European traders another fully reserved option. This move could attract more euro-denominated transactions to the platform and widen its user base.
Kraken's stablecoin market share has been on the rise as regulatory clarity improves, with more users relying on stablecoins as a key trading instrument. The partnership with Circle will further boost this trend, making trading more efficient for clients by helping them avoid unnecessary conversion costs and unlock more ways to use stablecoins in their portfolios.
Mark Greenberg, Kraken's Global Head of Consumer Business, described stablecoins as the most natural layer of crypto's financial system. With Circle's infrastructure backing, Kraken aims to improve speed and reliability for settlements.
Circle's fully reserved euro stablecoin EURC will now be available for deployment on Kraken's exchange. The collaboration between Kraken and Circle will also allow traders to benefit from faster, cheaper, and more reliable conversions when moving funds on and off-chain.
Kraken's users will see improved liquidity across USDC trading pairs and lower conversion fees. This partnership builds on Kraken's long history of supporting stablecoin liquidity, which has surged since 2017.
Circle's Chief Commercial Officer, Kash Razzaghi, stated that the company is building the largest stablecoin network in the world, and working with Kraken helps expand that network to millions of traders. He also noted that the partnership aims to make stablecoins easier to use across global markets.
Stablecoin demand continues to rise globally, and this integration arrives at a time when more traders are looking for trusted solutions. The collaboration between Kraken and Circle is expected to accelerate the trend of growing demand for stablecoin trading.
In a post on their blog, Kraken confirmed the news and called Circle a market leader in the stablecoin space. Kash Razzaghi, who was involved in the partnership with Kraken to expand access to USDC and EURC, expressed his excitement about the collaboration, stating that it represents a further step toward scaling stablecoin demand with better infrastructure and support.
In conclusion, the partnership between Kraken and Circle is set to revolutionise the stablecoin trading landscape, offering improved liquidity, reduced conversion costs, and faster, more reliable settlements for traders worldwide.
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