Key Insights:
- Circle news reports a surge in Kraken USDC custody by over 30% in the year through September 2026.
- Kraken’s EURC balances rose from nearly 4 million to over 75 million by September 2026.
- Kraken’s DeFi Earn recorded $350 million in USDC deposits by September 2026.
Circle news details a more than 30% rise in Kraken’s USDC assets under custody between September 2025 and September 2026.
The figures follow a partnership that expanded USDC and EURC across account funding, exchange services, wallets, and on-chain products. Circle also reported $350 million in USDC deposits to Kraken’s DeFi Earn vaults as of September 2026.
Kraken’s retail and institutional clients use stablecoins to fund accounts and move collateral between venues around the clock.
They also use these assets to access decentralized finance and other on-chain applications through supported services. Circle said the partnership addressed demand for additional assets, blockchains, and uses across Kraken’s infrastructure.
Circle News Tracks USDC Custody on Kraken
Based on Circle news, the USDC issuer announced its partnership with Kraken in September 2025, building on USDC support that began in 2020. The agreement expanded that relationship beyond spot markets and introduced EURC for clients seeking euro-denominated stablecoin access.
Circle said Kraken aimed to simplify fiat-to-stablecoin onboarding and connect exchange products more directly with on-chain markets. Before that announcement, USDC ranked among Kraken’s most actively used stablecoins, according to Circle.
Adrian Wyland, general manager of stablecoins at Payward and Kraken, described an expansion across several services.
He said Kraken embedded USDC and EURC into funding, on-chain applications, payments, and its Earn products.
Both stablecoins came from Circle, allowing Kraken to use one provider across these functions. Circle described both assets as regulated and fully reserved, citing its reserve information.
The Circle news update linked this arrangement to fewer separate vendor systems and workflows across Kraken’s platform.
Circle said the integration also reduced conversion steps across supported products and account activities. Those activities included deposits, withdrawals, and access to eligible on-chain applications through Kraken’s existing services.
EURC Balances Exceed 75 Million
Alongside the USDC custody figures, Circle reported expanding EURC balances on Kraken after the partnership. Balances rose from nearly 4 million EURC in October 2025 to more than 75 million by September 2026. The exchange recorded nearly 1 billion EURC in cumulative volume since listing.
Some months recorded more than 100 million EURC in volume, according to Circle’s account of the partnership. Circle also described Kraken as a price-discovery venue for the euro-backed stablecoin after its introduction. The activity covered both exchange transactions and account funding.
In addition to the Circle news, Kraken introduced EURC in September 2025 for European and global clients seeking euro-denominated stablecoin services.
Circle issues EURC under Europe’s Markets in Crypto-Assets regulatory framework, known as MiCA. Supported uses include funding accounts, executing transactions, and providing collateral for other exchange activities.
DeFi Earn Reaches $350 Million
Kraken launched DeFi Earn in January 2026, with USDC deposits reaching $350 million by September. The product converts eligible assets into USDC before moving them through an embedded wallet. It then allocates those assets to Veda vaults on Ink.
Ink operates as an independent Ethereum Layer-2 blockchain supported by Kraken and built on the Optimism stack. Independent risk managers oversee the vaults’ allocations, risk, and liquidity, according to Circle. The vaults interact with third-party lending protocols, including Aave.
Circle said the process handles on-chain operations for clients within Kraken’s product. The embedded wallet forms part of that route between asset conversion and allocation to the vaults. Circle said the balances also supported liquidity for Kraken clients and applications building on Ink.
