Crypto exchange Kraken is considering launching stablecoins

According to Bloomberg, insiders have revealed that Kraken is exploring the development of its own stablecoin. This move is partly due to the competition gap caused by new regulations in Europe, which require cryptocurrency service providers to remove Tether's USDT and other unauthorized tokens. The person stated that the token will be pegged to the US dollar and issued by Kraken's Irish branch. The exchange announced this month that all non compliant currencies held on Kraken's European platform will be converted to "equivalent stablecoins" starting from March 31st. If everything goes smoothly, this token will not be Kraken's first foray into the digital dollar field. At the end of last year, the exchange joined an alliance called the Global Dollar Network, which partnered with Paxos to launch a stablecoin called USDG. Other members, such as Robinhood and Galaxy Digital, are also developing their own stablecoins. At the same time, (Crypto.com) announced its stablecoin plan in its 2025 roadmap in November last year, with the goal of launching it in the third quarter. In addition, another informed source stated that the exchange plans to launch the token in Europe and informed customers last month that Tether will exit trading in the region at the end of March.