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7 hour ago

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BULLISH 📈 : Kraken enables USDCx deposits and withdrawals on Canton Network

**Kraken Enables USDCx on Canton Network**

Kraken has opened deposits and withdrawals for **USDCx** on the Canton Network — the first exchange integration of Circle’s institutional stablecoin designed for private and compliant settlements.

USDCx is backed 1:1 by **USDC** held in Circle’s xReserve. When USDC is deposited to xReserve on Ethereum, an equivalent amount of USDCx can be minted natively on Canton.

Canton targets regulated institutions and workflows for tokenized real‑world assets. Its sub‑transaction privacy model restricts data visibility to involved parties and relevant regulators, unlike public blockchains.

Kraken says Canton uses its own utility token, CC, for fees and validator rewards. USDCx acts as a settlement rail, not a speculative asset.

Liquidity for USDCx pairs is still thin. Kraken warns that unsupported network deposits could lead to lost funds — a reminder of cross‑chain risk.

This move positions Kraken inside the institutional blockchain space. As tokenized finance grows, exchange links to private networks like Canton may become more relevant for market makers and regulated firms.

Source: Kraken Blog.