Competition is intensifying among election betting platforms as Kalshi prepares to accept USD Coin (USDC) deposits, confirmed on October 28. This shift aims to draw users ahead of the upcoming U.S. elections in November. The platform's cryptocurrency deposits will be facilitated by ZeroHash. Kalshi has recently entered the election prediction market after a favorable court ruling, establishing it as a permitted platform in the U.S. Kalshi's flagship market has recorded nearly $87 million in total betting volume since its launch on October 7, while Polymarket has approximately $2.6 billion at stake regarding the election outcome. As of October 28, betting odds position Donald Trump as the leading candidate over Kamala Harris. A significant percentage of crypto owners express that a candidate's stance on cryptocurrency will influence their voting decisions. Despite concerns from U.S. regulators about the integrity of elections posed by prediction markets, analysts point out that these platforms can reflect public sentiment effectively.

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