Kraken Integrates USDCx on Canton Network for Institutional Settlement
- Kraken now supports deposits and withdrawals of USDCx on the Canton Network.
- USDCx is backed at a ratio of 1:1 by USDC held in Circle’s xReserve.
- Canton is a Layer-1 blockchain designed for regulated financial institutions and tokenized real-world asset workflows.
- The network offers sub-transaction privacy, making transaction data visible only to relevant parties and selective regulators.
- Liquidity for USDCx trading pairs is not yet fully active, depending on market makers and institutional usage.
Kraken’s addition of USDCx on the Canton Network highlights a shift towards networks focused on privacy-enabled institutional settlement rather than retail trading. This integration allows financial institutions to maintain privacy while using blockchain technology for settlements.
The move signifies growing interest in tokenized finance networks, with Kraken facilitating access to such environments through its exchange platform. Liquidity and adoption will be key factors in the success of this integration.( Source )
