Leading cryptocurrency exchange Kraken has announced support for Tether (USDT) on its platform, thereby offering clients a new digital asset that can be quickly transferred to fund their accounts and easily exchanged for USD in order to access its USD-based markets.   

“Kraken is pleased to announce 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”, Kraken said in a blog post.

According to the official announcement, USDT/USD (Tether - U.S. Dollar) will be available for trading. For making USDT deposit to Kraken account, users need to:

Go to Funding > Deposit > USDT and click “Generate New Address.” Then send USDT to this deposit address from any Tether-enabled wallet.

Furthermore, Kraken said that USDT be available on the new trade platform. As for the pricing, the company said that buyers and sellers are free to set their own prices. The trading fees range from 0% to 0.20%.

“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”, it added.