Kraken, the popular cryptocurrency exchange, has recently added USD Coin to its ever-growing list of viable trading pairs.
USDC has recently received attention for its rapid growth as a stablecoin. According to a press release offered to the public, USDC has been listed on Kraken earlier this month.
Coinbase and Circle worked to develop USDC
Coinbase, a powerful crypto exchange, got together with Circle, a dynamic payment company, in an effort to start Centre Consortium. The stablecoin USDC has been released under the venture's name. It's Ethereum-based and has been pegged to the dollar. This allows investors and traders to place their investments in a transferable and stable digital asset if desired.
Over the past few years, the cryptocurrency space has seen an influx of stablecoins and USDC is a great example. This trend was partially set forth after the insolvency and regulatory fears that consumed the market due to the Tether stablecoin.
So far, USDC has seen an excellent performance. This stablecoin posted a record-breaking market cap of over $500 million. The press release mentioned that USDC is the second stablecoin to have reached such a height.
Coinbase and Circle have decided to list USDC on a competitor's site.
Kraken is one of the original cryptocurrency exchanges around. It was founded in 2011 and has been regarded as a consistent player ever since. Coinbase, which was founded a year later, has naturally become a competitor to Kraken. This leads many to question the decision to list Coinbase's new stablecoin on the Kraken market.
Together, Kraken and Coinbase represent some of the largest cryptocurrency exchanges in the entire country. More specifically, CoinGecko rank Kraken and Coinbase Pro in 4th and 3rd place, respectively, on their list of top exchanges measured by volume.
Circle has been relatively quiet when it comes to responding to press queries at this time.
Whale Alert is a popular Twitter account that keeps fans up-to-date on large movements within the world of cryptocurrency. The page recently announced that over $1.4 million worth of USDC was being minted on January 8th.
In other related news, Kraken purchased an over-the-counter trading business late in 2019 originally started by Circle.