Kalshi Announces Stablecoin Deposits to Enhance User Experience

Leading prediction market platform Kalshi is getting ready to roll out additional capabilities pertaining to cryptocurrencies, such as stablecoin deposits. This marks a major change for the platform as prediction market volumes grow in anticipation of the next U.S. elections. In order to prepare itself for further expansion, Kalshi now provides legalized electoral betting contracts in the United States after defeating the Commodity Futures Trading Commission (CFTC) in court.

Stablecoin Integration and Market Expansion

Kalshi, led by CEO Tarek Mansour, plans to roll out support for USD Coin (USDC) deposits, which could be available before the U.S. presidential elections. With a market cap of $34 billion, USDC is the second-largest stablecoin, following Tether. This move will allow users more flexibility in funding their accounts, building on Kalshi’s earlier introduction of bets tied to Ethereum’s price, though bets are still settled in fiat.

Additionally, Mansour has alluded to a possible link with Elon Musk’s social media network, X. On his personal account, Musk—a well-known Trump supporter—has already published Kalshi’s election odds. Kalshi wants to take advantage of the growing interest in prediction markets—according to CoinGecko, betting volumes increased by 713% in Q3 2024—and contend with market titans like Polymarket, which in September controlled 99% of the election betting market.

Even while crypto-native platforms like SoulBound and Wintermute are becoming more and more competitive, Kalshi has a distinct advantage because to its court-approved U.S. operations. The platform is poised to increase its clout in the prediction and cryptocurrency sectors with its stablecoin integration and possible collaborations.