We’re thrilled to announce that Kraken now supports deposits and withdrawals of Dai (DAI), USD Coin (USDC) and Tether (USDT) on the Polygon Network!
Polygon is a Layer 2 scaling solution for Ethereum that aims to improve the speed and reduce the costs and complexities of transactions on its network. Polygon is a sidechain which helps to increase transaction throughput while still maintaining security through the use of a decentralized network of proof-of-stake (PoS) validators. Check out the Kraken Learn Center guide What is Polygon? to learn more.
Funding is already live. You can transfer stablecoins (DAI, USDC and USDT) to your Kraken account by navigating to Funding, selecting DAI or USDC or USDT, and then use the drop-down box to select the desired deposit method (network): Polygon network.
- Kraken currently supports two versions of USDC: USDC.e and Polygon’s native USDC
- Kraken will continue to support USDC.e until further notice
Already have stablecoins on the Polygon Network and a Kraken account? ⤵️
Here’s what you need to know about the assets:
Dai (DAI) is a collateral-backed stablecoin pegged to the U.S. Dollar. Dai (DAI) is the first decentralized stablecoin built on top of the Ethereum blockchain. Because the price of Dai is pegged to the US Dollar, it experiences relatively little market volatility. As a result, it is most often used as a method of payment or hedging mechanism. Every Dai is backed by a surplus of collateral that is escrowed into publicly reviewable Ethereum smart contracts. Learn how to add DAI to your crypto portfolio with our Learn Center article How to Buy Dai (DAI).
USD Coin (USDC) is a digital stablecoin that is pegged to the U.S. Dollar (USD). USDC tokens in circulation are backed by verifiable cash or cash equivalents, such as short-term U.S. Treasury bonds. USDC is used to hedge against price volatility in the crypto market as well as to purchase goods and services within decentralized applications (dApps). Learn how to add USDC to your crypto portfolio with our Learn Center article How to buy USD Coin (USDC).
Tether (USDT) is one of the world’s first stablecoin. Tether (USDT) was created in 2014 as a “stablecoin,” a digital asset that is fully backed 1:1 by traditional fiat currency, in this case the U.S. Dollar. Tether is designed to be used as a means of converting cash to digital currency, and claims that all Tethers in circulation reflect the amount of their reserves in U.S. Dollars. This results in Tether’s value remaining close to 1 dollar at all times. Learn how to add USDT to your crypto portfolio with our Learn Center article How to Buy Tether (USDT).
Will Kraken make more assets available?
Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future.
Trade with caution
There is no guarantee that a limit order will execute. There is also no guarantee a market order will execute at a certain price. The availability and liquidity of the particular digital asset will impact these types of orders.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply.