Stablecoin Spotlight: USDC Makes Its Debut on Kraken
In an exciting turn of events for crypto enthusiasts, Kraken has officially listed USD Coin (USDC), heralded as “the world’s fastest-growing stablecoin.” This news was revealed on January 8 via a press release that had crypto fans hitting the refresh button on their trading apps. With the addition of USDC to its roster of trading pairs, Kraken is reinforcing its commitment to providing a wide array of digital assets.
The Genesis of USDC: Circle and Coinbase’s Brilliant Brainchild
USDC was birthed from the collaborative efforts of payment company Circle and crypto giant Coinbase. Together, they formed the Centre Consortium to bring this Ethereum-based (ERC-20) token to life. Designed to be pegged to the U.S. dollar, USDC offers a stable and easily transferable digital asset for traders who desire a safe haven amidst crypto market volatility.
The Rise of Stablecoins: Why USDC Stands Out?
The past couple of years has seen a surge of stablecoins entering the fray, thanks in part to the tumultuous environment surrounding established giants like Tether (USDT). USDC managed to capture the hearts and wallets of crypto investors, boasting a market cap exceeding $500 million in December 2019—an impressive feat for any newcomer. To put things in perspective, USDT is currently riding high with a market cap over $4 billion. Talk about sibling rivalry!
Kraken vs. Coinbase: A Friendly Competition?
With Kraken being established in 2011 and Coinbase closely following in 2012, these two heavyweights are often seen as rivals in the crypto exchange arena. Given Kraken’s recent USDC listing, one might wonder whether that relationship is a little more complicated than it seems. While they might share a market, it’s clear that both platforms aim for the top spot, with Kraken ranked 4th and Coinbase’s Pro platform taking 3rd place on CoinGecko’s exchange volume leaderboard.
Whale Watching: Big News in USDC Transactions
If you thought that the listing news was the only thing making waves, think again. A massive minting of USDC was reported on January 8, valued at over $1.4 million, as highlighted by Whale Alert—a Twitter account notorious for tracking significant crypto movements. Remember to keep an eye on these developments, as they can affect market dynamics in a heartbeat!
Kraken’s Previous Ventures with Circle
In a surprising twist, Kraken had previously acquired Circle Trade OTC, the over-the-counter trading arm of Circle, back in December 2019. This acquisition has set the stage for Kraken’s current USDC listing, making it not just a business deal, but a strategic move to strengthen its crypto portfolio.
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