The June 11 product update links the exchange to a Canton-native stablecoin backed 1:1 by USDC in Circle’s xReserve on Ethereum, extending infrastructure aimed at regulated institutional settlement.
Kraken said on June 11 that it now supports USDCx deposits and withdrawals on the Canton Network, adding exchange connectivity to a stablecoin system built for institutional and regulated-market use. USDCx is a Canton-native stablecoin backed 1:1 by USDC held in Circle’s xReserve on Ethereum, where it is minted after users deposit ERC-20 USDC. Kraken said the move fits its broader push to support new stablecoin rails and institutional finance infrastructure. Canton Network is a permissioned, privacy-enabled Layer-1 network designed for regulated financial institutions, tokenized real-world assets, and compliance-sensitive workflows, using a model in which transaction details are visible only to relevant parties while allowing selective disclosure. Kraken also noted that Canton’s native utility token, CC, is used to pay network transaction fees. The integration adds another route for market participants to access Canton-native stablecoin activity as exchanges and issuers expand specialized settlement networks for tokenized cash.