Joint Coinbase-Circle Stablecoin Project USDC Listed on Competitor Kraken

Crypto exchange Kraken has added stablecoin USD Coin to its list of trading pairs.

Touted as "The world's fastest-growing stablecoin," USDC saw listing today on crypto exchange Kraken, per a press release provided to Cointelegraph on Jan. 8.USDC developed by Circle and CoinbasePayment company Circle, alongside crypto exchange powerhouse Coinbase, founded an endeavor called the Centre Consortium, developing USDC under the Centre name.

An Ethereum-based token, USDC is a cryptocurrency pegged to the U.S. 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, after regulatory and insolvency fears flooded the market surrounding legacy stablecoin Tether.

In December 2019, USDC posted a market cap of more than $500 million - only the second stablecoin in history to achieve such numbers, the press release noted.

Still showing its market dominance at press time, USDT sits with a market cap of more than $4 billion.

Circle and Coinbase list USDC on Kraken, a competitorFounded in 2011, Kraken is one of the oldest exchanges in the crypto space.

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.

Cointelegraph reached out to Circle but received no response as of press time.

Whale Alert, a Twitter account dedicated to tweeting about large cryptocurrency movements, notified the public of a minting of USDC valued at more than $1.4 million on Jan. 8.In December 2019, Kraken also purchased Circle Trade OTC, Circle's over-the-counter trading business, Cointelegraph reported.