We’re thrilled to announce that Kraken now supports deposits and withdrawals of Tether (USDT) via the Solana network!
Solana is an open source blockchain platform and scaling solution for decentralized applications (dApps). The platform uses a novel consensus mechanism known as proof-of-history (PoH) to increase transaction throughput and hosts a growing ecosystem of DeFi protocols and NFT marketplaces. SOL is the native token of the protocol which is used to purchase goods and services within the ecosystem, pay network transaction fees and earn rewards via staking for helping to secure the network. Check out the Kraken Learn Center guide What is Solana? or How to buy Solana to learn more.
Funding is already live. You can transfer USDT to your Kraken account by navigating to Funding, selecting USDT and choosing the desired deposit method from the drop-down box (network): SPL.
Already have USDT on the Solana network and a Kraken account? ⤵️
Here’s what you need to know about the asset:
Tether (USDT) is the world’s largest stablecoin by market cap. Tether (USDT) was created in 2014 as one of the first digital assets to be fully backed 1:1 by traditional fiat currency, in this case the U.S. dollar. Tether can be used to convert cash into digital currency, and claims that all USDT in circulation reflect the amount of their reserves in U.S. dollars. This backing allows Tether’s value to remain close to $1 at all times. Learn how to add USDT to your crypto portfolio with our Learn Center article How to Buy Tether (USDT).
Ready to deposit but don’t have a Kraken account yet? Sign up today!
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.
Read More: blog.kraken.com