Kraken has enabled deposits and withdrawals of USDCx on the Canton Network, marking the exchange's first step into the Canton ecosystem with more Canton-native assets expected to follow.
USDCx is a Canton-native stablecoin backed 1:1 by USDC held in Circle's xReserve contract on Ethereum. When a user deposits USDC into xReserve, an equivalent amount of USDCx is minted on Canton. The asset complies with Canton's CIP-56 token standard and is interoperable across applications, wallets, and trading venues on the network.
Funding via Canton is live immediately. Kraken noted that spot trading through the Kraken app and Instant Buy will become available once sufficient liquidity conditions are met. Geographic restrictions may apply.
Kraken joins Bybit and Gate in supporting USDCx on Canton, continuing a broader trend of major exchanges integrating Canton-native assets as institutional activity on the network grows.
