Cryptocurrency exchange Kraken and stablecoin issuer Circle have partnered to deepen USDC liquidity and introduce EURC support, signaling increased confidence in regulated digital assets and their market infrastructure.

Executive Summary

Cryptocurrency exchange Kraken has partnered with Circle Internet Group, Inc., a global financial technology company and stablecoin market leader, to expand access and utility for USDC and EURC stablecoins on the Kraken platform. This collaboration aims to provide clients with increased liquidity and reduced conversion fees for USDC transactions, while also introducing Circle's euro-denominated stablecoin, EURC, to Kraken's offerings. The initiative underscores a growing industry trend towards integrating regulated stablecoins into broader financial systems and strengthening market infrastructure.

The Event in Detail

Under the terms of the agreement, Kraken clients will benefit from enhanced liquidity and reduced fees when conducting USDC transactions. A key aspect of the partnership is the integration of EURC, Circle's fully-reserved euro stablecoin, expanding Kraken's European currency options. Circle will provide essential stablecoin infrastructure support to facilitate these expanded services. The companies have indicated plans to develop additional applications for stablecoin deployment across Kraken's platform, with specific product details expected in the coming months.

Mark Greenberg, Global Head of Kraken's Consumer Business, stated, "Stablecoins are the financial layer most aligned with crypto's original architecture. Permissionless, programmable, and global by default." Similarly, Kash Razzaghi, Chief Commercial Officer at Circle, remarked that the partnership aims to "drive new opportunities for onchain finance" by extending stablecoin access across Kraken's user base. Kraken has offered stablecoin trading since 2017 and serves over 15 million users globally.

Market Implications

This partnership strengthens Kraken's position as a leading provider of stablecoin liquidity and enhances the trading experience for its users by offering lower costs and greater access to USDC and EURC. For the broader crypto ecosystem, the collaboration signifies increased confidence in regulated stablecoins and their potential to serve as foundational infrastructure for digital finance. The introduction of EURC on Kraken further caters to the global demand for euro-backed digital assets, particularly in Europe, potentially attracting new institutional and retail adoption. Strategic partnerships such as this are transforming stablecoins into core financial infrastructure, enabling cross-border payments and accelerating institutional adoption.

Broader Context

The integration of USDC and EURC on Kraken aligns with the significant growth observed in the stablecoin market. The total stablecoin supply, which was around $138 billion in early 2024, surged to over $298 billion by September 2025, representing a nearly twofold increase. Transaction volumes have also seen substantial growth, reaching an astonishing $27.6 trillion in 2024, surpassing the combined transaction volume of Visa and Mastercard by 7.68%. This momentum continued into 2025, with a 66% spike in Q1 and monthly volumes experiencing a substantial 115% year-over-year growth, climbing from $1.9 trillion in February 2024 to $4.1 trillion by February 2025. USDC's circulating supply reached 31.7 billion tokens in Q3 2025, with EURC experiencing nearly 90% month-over-month growth in 2025 to reach $7.5 billion by June.

This expansion of stablecoin utility is supported by increasing regulatory clarity in various jurisdictions, such as the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on July 18, 2025. Such frameworks foster greater trust and adoption, paving the way for increased integration of stablecoins into mainstream financial services and cross-border payments, particularly in emerging markets where they are used for payroll and remittances, bypassing traditional systems. The evolution of stablecoins is shifting from speculative assets to indispensable components of global finance, with major payment systems like Mastercard and Visa also integrating EURC and USDC to accelerate real-time settlements and bridge legacy and blockchain networks.