Kalshi Plans to Enable Crypto-Related Options Like Stablecoin Deposits Amid a Surge in Volume for Prediction Markets and the Approaching U.S. Elections

It's full steam ahead for Kalshi and its CEO, Tarek Mansour, following a court victory over the Commodity Futures Trading Commission that

Prediction market platform Kalshi is set to integrate support for USD Coin (USDC) deposits amid a last-minute surge in betting volumes for the upcoming U.S. elections.

According to a profile of Kalshi CEO Tarek Mansour published by Fortune on Oct. 27, the event outcome speculating website is planning to add support for USDC deposits.

The stablecoin issued by Circle has a market capitalization of $34 billion, making it the second-largest stablecoin after Tether (USDT). The integration could be completed before the U.S. presidential elections in less than two weeks.

Kalshi first began integrating crypto-related services by allowing bets on the future price of Ether (ETH), but the platform settles wagers in fiat.

Mansour also hinted at an integration with X, the social media network owned by billionaire Tesla (NASDAQ:TSLA) and SpaceX entrepreneur Elon Musk.

Musk, a public supporter of Trump, has quoted election odds from Kalshi via his personal account. Musk has similarly referenced Polymarket's posts as interest in prediction markets continues to climb.

According to a CoinGecko study, betting volumes skyrocketed 713% in Q3 2024. Kalshi hopes to attract U.S. users and American cash flow, while Polymarket dominated prediction venues with 99% market share and over $1 billion in election-related bets during September alone.

Polymarket was the clear market leader with less than a quarter of the year remaining, despite not catering to U.S. punters. The Polygon-based protocol recently announced fresh know-your-customer checks on its biggest stakers.

Kalshi also faces new competition from crypto-native providers, although other platforms may not have the same U.S. court approval as Mansour's company. Crypto startups like SoulBound and Wintermute intend to launch or provide backing for a new wave of on-chain prediction venues.

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