Kraken Lists Sonic, USDC Withdrawals Still Pending

Kraken, a global crypto exchange, announced the listing of Sonic, previously known as FTM, with trading starting on May 5, 2025, on its platform.

The listing of Sonic follows an FTM conversion, aiming to increase trading activity. However, USDC deposits and withdrawals on Sonic are unconfirmed, leading to market speculation.

Kraken Transforms FTM to Sonic Trading

Kraken halted all FTM activities, marking a transition to Sonic. This strategic move aims to expand Sonic’s trading opportunities. The announcement underscores a major shift in Kraken’s listing strategy.

The collaboration involves Kraken and Sonic Labs. Sonic Labs is led by CEO Michael Kong. Sonic replaces FTM through a conversion at a one-to-one rate, broadening its market presence.

Sonic Listing Sparks Liquidity Concerns

Sonic’s listing could influence trading volumes, with increased liquidity anticipated. However, the absence of USDC deposit and withdrawal confirmation leaves users and investors awaiting further details.

The lack of explicit financial allocations suggests a focus on organic growth. Previous exchange listings have historically boosted liquidity but may prompt short-term volatility amidst an unconfirmed USDC support landscape.

Lessons from Past FTM to Sonic Shifts

Past migrations, like FTM to Sonic, often see volatility. Similar events have shown increased market activity and liquidity shifts, setting notable precedents for future market behavior.

Experts like Kanalcoin highlight potential for short-term price shifts post-listing. Historical data underscores Kraken’s capacity to influence trading dynamics, though outcomes will vary amidst uncertain USDC integration. Michael Kong, CEO of Sonic Labs, shared his insights:

Trade $S on Kraken from May 5. Find key dates below. May 2, 2:00 PM (UTC): Trading, deposits, and withdrawals of FTM will be halted. May 2–9: Kraken will upgrade their users’ FTM holdings to S automatically. May 5: Trading of $S will go live.