Kraken adds USDC transfers on Algorand network
The crypto exchange says customers can now move the dollar-linked stablecoin via Algorand, highlighting faster settlement and lower fees.
Kraken has enabled deposits and withdrawals of USDC on the Algorand blockchain, expanding the ways customers can move the digital dollar on and off its platform.
In a statement, Kraken said USDC funding via Algorand is now live. Users can transfer the stablecoin to their Kraken account by going to Funding, selecting USDC and choosing Algorand from the network drop-down menu. The company warned that sending funds via an unsupported network can result in permanent loss, a common risk in crypto transfers.
USDC is a dollar-pegged stablecoin issued by Circle. For non-specialists, a stablecoin is a type of cryptocurrency designed to hold a steady value. Circle says USDC is fully reserved, backed one-to-one by cash and short-term US Treasury bonds. Those reserves are held at regulated financial institutions and checked each month by an independent accounting firm.
Kraken described Algorand as a Layer-1 blockchain, meaning it operates as a base network rather than relying on another chain. It uses a “pure proof-of-stake” system, in which network participants who hold the token help validate transactions. In practical terms, this allows transactions to settle quickly, reach near-instant finality and incur minimal fees compared with some older blockchain networks.
For users, the addition means USDC can be moved between Kraken and external wallets or services that support Algorand, potentially at lower cost and with faster confirmation times than on more congested networks.
Kraken said trading through its app and Instant Buy feature will become available once liquidity conditions are met, and that geographic restrictions may apply depending on local regulations.
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The company reiterated that it does not comment on or disclose future asset plans until shortly before launch. Any new listings are published on its public Listings Roadmap and social media channels, and client engagement specialists cannot comment on prospective assets.
The update reflects continued competition among exchanges to support multiple networks for popular stablecoins. As users look for cheaper and faster ways to move funds, adding alternative blockchains such as Algorand has become a way for platforms like Kraken to differentiate their offering.
The Recap
- Kraken now supports USDC deposits and withdrawals via Algorand.
- USDC is backed 1:1 by cash and short-term U.S. Treasury bonds.
- Trading on Kraken App and Instant Buy pending liquidity conditions.
