As of 5 August 2026, USDSM is available to trade on Kraken. Stable Mint’s US dollar electronic money token has already settled more than $279 million across over 2.3 million on-chain transactions, and now trades against USDC on one of the longest-established digital asset exchanges. The listing gives institutional participants a familiar, liquid venue to access a fully regulated dollar token, supported by dedicated institutional market making and connected directly into Stable Mint’s regulated fiat rails.

USDSM is now trading on Kraken

From 5 August 2026, USDSM is available to trade on Kraken, paired against USDC (USDSM/USDC). Kraken is one of the longest-established digital asset exchanges, with a global institutional and retail client base and a compliance-led approach to listings. The pairing gives market participants a direct, continuously priced route between USDSM and one of the most widely held US dollar stablecoins.

What the listing unlocks: institutional access

Until now, USDSM has traded primarily on-chain, through decentralised liquidity pools and over-the-counter settlement. Those venues serve on-chain flows well, but they are not where most institutional capital sits. That capital is moving toward stablecoins at scale, with tens of trillions of dollars a year now settling on-chain (a16z), and it reaches the asset through regulated exchanges, custody and reporting tools rather than through wallets and liquidity pools.

A listing on a regulated, institutionally-trusted exchange changes that. Trading desks, funds, corporate treasuries and payment businesses can now access USDSM through infrastructure they already use, with the custody, reporting and operational controls they already run. The result is a materially wider pool of institutions that can hold, trade and settle in USDSM without adding new counterparties or standing up on-chain tooling.

Continuous, institutional-grade liquidity

The USDSM/USDC book is supported by a dedicated institutional market maker, providing continuous two-sided liquidity and tight spreads around the peg. Reliable liquidity is what makes a stablecoin usable at institutional size. It lets a treasury move in and out of a position at a predictable price, at the moment it needs to, without moving the market.

What USDSM is

USDSM is a US dollar electronic money token (EMT) issued by Stable mint Ltd., an authorised Electronic Money Institution regulated by its European competent authority, the MFSA. It is issued under MiCA Title IV (Articles 48 to 58), the EU framework governing electronic money tokens.

Every USDSM in circulation is backed 1:1 by US dollar reserves, safeguarded in line with Article 54 of MiCA at regulated EU credit institutions. Holders have an unconditional right to redeem at par, at any time. This is electronic money, issued under the same obligations that apply to any EMI, on public blockchain rails.

USDSM is an Omnichain Fungible Token (OFT), live across Ethereum, Base, Arbitrum and Etherlink. A single fungible supply moves natively between those chains, so institutions can hold and settle USDSM wherever they operate, without wrapped assets or third-party bridges.

Beyond the exchange: connectivity into regulated fiat rails

An exchange listing gives USDSM reach. What makes it useful to an institution is where that liquidity connects.

USDSM is issued by a vertically integrated EMI, not a standalone token project. The same licence that authorises the token also operates live fiat payment rails. Institutions can move between USDSM and fiat directly with Stable Mint: mint and redeem USDSM against US dollars at par, hold EUR and USD balances, and settle across SEPA, SWIFT and other regulated rails, all through a single regulated counterparty.

On-exchange liquidity handles price discovery and access. Regulated rails handle the last mile into and out of the banking system.

That is the difference between a token an institution can trade and a dollar it can actually use. There is no separate off-ramp, no intermediary, and no unregulated bridge between the exchange position and settled funds in a bank account.

What this means for institutional participants

For an institution evaluating dollar stablecoins, the questions are consistent. Is the issuer regulated. Is the token redeemable at par. Is there liquidity at size. Does it connect to the banking system without friction. USDSM on Kraken answers all four.

The listing is one step in extending USDSM from an on-chain settlement asset to a dollar instrument institutions can access, trade and settle through the infrastructure they already trust.

If your business is evaluating regulated dollar settlement, we are ready to show you what that looks like in practice. Talk to our team.