In anticipation of the U.S. elections, Kalshi, a prediction market platform, implemented USD Coin (USDC) deposits.
Kalshi is in competition with other platforms, such as Robinhood and Polymarket, which offer their own election wagering options. In the interim, Charles Cascarilla, CEO of Paxos, encouraged U.S. candidates to adopt stablecoins in order to modernize financial systems and preserve the dollar’s dominance.
Chris Larsen, the CEO of Ripple, reiterated his support for Kamala Harris in an interview, citing her crypto-friendly stance. Crypto-focused political action committees (PACs) such as Fairshake continue to exert significant influence over critical congressional contests, despite the fact that the election is only a few days away. The PAC is currently endeavoring to establish a network of pro-crypto advocates in Wisconsin.
Kalshi, a prediction market, is preparing for the forthcoming U.S. elections by introducing USD Coin (USDC) deposits in order to attract a greater number of users. The platform confirmed the news on October 28. The offramping engine for the new crypto deposit option will be ZeroHash.
Kalshi is striving to maintain a competitive edge in the overcrowded prediction market. Polymarket, a Web3 platform, presently has a significant advantage in the political wagering sector.
Kalshi also recently initiated contracts for wagering on U.S. election outcomes following a significant court victory in September, which granted it the first U.S. license to operate an election prediction market. Polymarket and other platforms have the potential to legally enter the political wagering space as a result of this regulatory milestone. Robinhood also entered the fray on October 28 and disclosed contracts that permit specific users to wager on the election outcome between Republican candidate Donald Trump and Vice President Kamala Harris.
These prediction markets involve very high stakes. On October 23, Polymarket had already recorded nearly $2.6 billion in wagering on the November election. Since its listing on October 7, Kalshi’s election market has generated approximately $87 million in wagering volume. Both platforms demonstrate a robust endorsement of Trump, with the former president holding odds of 66% on Polymarket and 64% on Kalshi.
Although election prediction markets have been the subject of intense scrutiny from U.S. regulators due to concerns that they could compromise election integrity, numerous analysts contend that these platforms actually provide a more accurate representation of public sentiment than conventional polling methods.
Also Read: Bitcoin ETF is endorsed by Emory University in a historic first
Wallets