Kraken Integrates the omnichain stablecoin USD₮₀, launched by Flare Network

Kraken, the well-known cryptocurrency exchange, has integrated USD₮₀, the omnichain stablecoin launched by Flare Network, into its platform. This integration provides a direct on/off ramp for users, which in turn increases liquidity of stablecoins and access to those in the Flare ecosystem.

USD₮₀, a stable coin backed 1:1 with USDT relying on LayerZero’s Omnichain Fungible Token (OFT) standard, is now available on Kraken for withdrawal to Flare Network.

Announcing USD₮₀ support on Kraken and the upcoming Reef airdrop to Kraken users. 🧰

We're excited to announce that users can now easily transfer USDT on and off the Flare ecosystem via Kraken.

USD₮₀ is quickly becoming a core part of the Flare network’s DeFi environment.

After the launch of USD₮₀ on Flare, the network’s TVL spiked from roughly $60M to above $130M. The ecosystem’s native or ‘elastic’ stablecoin, USD₮₀, has already seen over $69M USD₮₀ minted as demand for interoperable, decentralized, fast and secure stablecoins increases.

This integration also marks a significant step in Flare’s goal to build XRPfi and DeFi infrastructure for the XRP community. Liquidity provision, lending and asset trading on Flare’s native platforms: SparkDEX, Kinetic, or Enosys are allowed while linked to the stablecoin. This reduces risk and the need for using wrapped tokens or fragmented liquidity via its native transfer mechanism.

The availability of USD₮₀ on Kraken will enable users to easily transfer stablecoins between the Kraken exchange and Flare Network, simplifying the process and improving the overall user experience. Some of this is aligned with Flare’s goal of reducing technical friction in a Decentralized Finance (DeFi) environment.

Despite USD₮₀ being available globally on Kraken, their users residing in the European Economic Area (EEA) may be subject to local restrictions on using crypto derivatives.

Additionally, Flare has announced an exclusive Reef airdrop to eligible Kraken users, with more details to be shared shortly.

Flare’s partnership with Kraken is a testament to the company’s commitment to innovation in the decentralized finance landscape and signals a higher level of connection between blockchain networks.