Crypto exchange Kraken has added stablecoin USD Money (USDC) to its list of trading pairs.

Touted every bit "the globe'south fastest-growing stablecoin," USDC saw listing today on crypto exchange Kraken, per a printing release provided to Cointelegraph on Jan. 8.

USDC developed by Circle and Coinbase

Payment company Circle, alongside crypto exchange powerhouse Coinbase, founded an endeavor called the Eye Consortium, developing USDC under the Centre name.

An Ethereum-based (ERC-20) token, USDC is a cryptocurrency pegged to the U.Southward. dollar, allowing traders and investors to park their money in a stable and transferable digital asset if need be.

The past two years have seen an influx of additional stablecoins into the crypto space, including USDC, later regulatory and insolvency fears flooded the market surrounding legacy stablecoin Tether (USDT).

In December 2019, USDC posted a market cap of more than than $500 million — only the 2nd stablecoin in history to achieve such numbers, the press release noted. Withal showing its market say-so at press time, USDT sits with a market cap of more than $four billion.

Circle and Coinbase list USDC on Kraken, a competitor

Founded in 2011, Kraken is one of the oldest exchanges in the crypto infinite. Kraken's position as a natural competitor to Coinbase, founded in 2012, might lead the public to question Kraken's listing of USDC, a product connected to Coinbase.

Coinbase and Kraken are two of the largest spot exchanges in the crypto infinite, with Coinbase's Pro platform ranking tertiary and Kraken ranking fourth on CoinGecko'due south list of the top 100 crypto exchanges by volume — making them the largest two operating in the United States.

Cointelegraph reached out to Circumvolve only received no response as of press time. This commodity will exist updated appropriately upon receipt of a response.

Additionally, Whale Warning, a Twitter account dedicated to tweeting about large cryptocurrency movements, notified the public of a minting of USDC valued at more than than $1.4 meg on Jan. viii.

In December 2019, Kraken also purchased Circle Trade OTC, Circle's over-the-counter (OTC) trading business, Cointelegraph reported.