Kraken and Circle team up to expand USDC and EURC access

Kraken is joining forces with stablecoin giant Circle to accelerate the adoption of stablecoins across the global financial system.

Crypto exchange Kraken and Circle have partnered in a collaboration that will expand access to and utility of two Circle stablecoins: the U.S. dollar-denominated USDC and euro-pegged EURC.

USDC is the second-largest U.S. dollar-pegged stablecoin, with about $73.5 billion in market capitalization. Tether’s USDT is the largest by market share at more than $171 billion.

Through this partnership, Kraken is set to deepen its support for the USDC token, with the exchange’s clients gaining access to increased liquidity and utility across onchain financial applications. Beyond liquidity, customers will benefit from reduced conversion fees when using USDC (USDC) on Kraken. The exchange will also tap into new opportunities of deploying the stablecoin. 

Kraken also plans to introduce EURC on its platform, bringing Circle’s fully-reserved euro-denominated stablecoin to its users. The exchange’s leadership shared comments on what this partnership means.

“Stablecoins are the financial layer most aligned with crypto’s original architecture. Permissionless, programmable, and global by default,” said Mark Greenberg, global head of Kraken’s consumer business. 

USDC and EURC use across Kraken products

According to Greenberg, the expansion of support for Circle’s stablecoins is not just about hitting milestones. It is about enabling crypto adoption via new opportunities with integration into products that “clients already use and trust.”

Kraken’s suite of products includes Kraken App, Kraken Pro, Kraken Institutional, and NinjaTrader, a retail trading platform. In addition to USDC, the exchange offers hundreds of other top cryptocurrencies to customers, with staking, custody, and derivatives among key services and solutions.

“We’re focused on building the world’s largest, most widely used stablecoin network, and partnering with leading platforms, like Kraken, to drive new opportunities for onchain finance,” said Kash Razzaghi, chief commercial officer at Circle.

The passage of GENIUS Act in the U.S. has buoyed issuers, with Circle one of the companies to target dominance.