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Kraken Adds Native USDG Transfers on Arbitrum One
Kraken added USDG deposits and withdrawals on Arbitrum One on October 29, extending funding access for the stablecoin already traded on the exchange.
Dextape brief
Kraken has added deposits and withdrawals for the USDG stablecoin on Arbitrum One, effective October 29, according to the exchange's announcement. Trading of USDG on Kraken was already available, so the update covers only transfers between the exchange and a blockchain wallet. Paxos issues this version of USDG directly on Arbitrum, the article says, so supported transfers do not require bridging an Ethereum-based token first.
The article notes that Kraken describes USDG as a dollar stablecoin redeemable one-to-one and backed by cash and cash equivalents held in segregated accounts. It adds that moving existing tokens does not increase total supply and that a supported withdrawal route does not by itself prove wide adoption. Future usage, supported token versions, crediting processes and geographic restrictions are the points the piece says to watch.
Why it matters: It matters because a direct network route can reduce transfer steps for stablecoin users moving between exchange accounts and Arbitrum wallets.
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- Stablecoin
- A token designed to track a reference value, usually the US dollar, through reserves, crypto collateral or an algorithm.
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