Kraken, the San Francisco-based cryptocurrency exchange today announced support for Tether (USDT).
Utilizing the Omni Protocol, Tether is built on the Bitcoin blockchain and backed by fiat so that 1 USDT represents 1 US dollar held in reserve by the company behind the Tether project.
Adding tether to Kraken’s platform means that clients now have a new digital asset that can be quickly transferred to fund their accounts and easily exchanged for USD in order to access Kraken’s USD-based markets.
Which USDT pairs will be available for trading?
USDT/USD (Tether – U.S. Dollar).
Will USDT be available on the new trade platform?
Yes. To trade USDT from Kraken’s new trade platform, go to Trade Kraken and click “Connect” to log in to your Kraken account. Select the USDT/USD currency pair from the drop-down menu in the upper left of the screen below the Kraken logo.
What price will USDT trade for on Kraken?
As with all markets on Kraken, buyers and sellers are free to set their own prices. The market price for buyers is determined by the sell orders currently on the order book, and the market price for sellers is determined by the buy orders currently on the book. We recommend that clients use limit orders to specify their desired price. Clients placing market orders in any market should consider the order book to gauge their expected fill price.
How do I deposit USDT to my Kraken account?
Go to Funding > Deposit > USDT and click “Generate New Address.” Then send USDT to this deposit address from any Tether-enabled wallet.