Crypto exchange Kraken is considering launching stablecoin

PANews reported on February 21 that according to Bloomberg, people familiar with the matter revealed that Kraken is exploring the development of its own stablecoin. The move is partly due to a competitive gap created by new European regulations that require crypto service providers to remove Tether's USDT and other unlicensed tokens. The person said the token will be pegged to the US dollar and will be issued by Kraken’s Irish division.

[The exchange announced this month that](https://support.kraken.com/hc/en-us/articles/stablecoin-offerings-for-eea-clients "Sea Monster") from March 31, all non-compliant currencies held on Kraken’s European platform will be converted to “equal stablecoins.” If all goes well, the token will not be Kraken’s first foray into the digital dollar space. Late last year, the exchange joined a [coalition](https://www.paxos.com/newsroom/introducing-global-dollar-network-an-open-network-to-accelerate-and-reward-global-stablecoin-adoption-driven-by-anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood "Paxos") called Global Dollar Network, which teamed up with Paxos to launch a stablecoin called USDG. Other members, such as Robinhood and Galaxy Digital, are also developing their own stablecoins.

Meanwhile, Crypto.com unveiled its stablecoin plan in its 2025 roadmap last November, with the goal of launching in the third quarter. In addition, another person familiar with the matter said the exchange plans to launch the token in Europe, and had informed clients that Tether will exit transactions in the region by the end of March last month.