Kraken Expands USDCx Support on Canton Network for Institutional Use
- Kraken now supports deposits and withdrawals of USDCx on the Canton Network.
- USDCx is a stablecoin backed by USDC locked in Circle’s xReserve on Ethereum.
- Canton is a permissioned, privacy-enabled Layer-1 network for regulated financial institutions and tokenized real-world assets.
- Canton’s native utility token, CC, is used to pay transaction fees on the network.
The integration of USDCx on the Canton Network by Kraken enhances stablecoin infrastructure tailored for institutional workflows requiring privacy, compliance, and settlement certainty. This move aligns with the growing focus on specialized environments for digital asset transactions.
Kraken’s support for USDCx reflects the ongoing expansion of institutional rails in crypto markets, emphasizing privacy and regulatory compliance over open liquidity models. (Source)
