With prediction market trading volumes surging and the US elections approaching, Kalsi could enable more crypto-related options such as stablecoin deposits.
Following a court victory against the Commodity Futures Trading Commission that effectively legalized election gambling contracts in the United States, Kalsi and its CEO Tarek Mansour are moving full steam ahead. Profile of Mansour, co-founder of Kalsi Among them, Fortune magazine revealed that the outcome of the event has sparked speculation The website plans to add support for USD Coin (USDC) deposits.
Circle’s USD Coin has a market capitalization of $34 billion, making it the second largest stablecoin after Tether (USDT). The feature could arrive in the next two weeks before the US presidential election. Kalsi initially introduced services tied to cryptocurrencies by allowing bets on the future price of Ethereum, but the platform settles stakes in fiat currency.
Mansour also hinted at a merger with social media network X, owned by billionaire Tesla and SpaceX entrepreneur Elon Musk. Musk, an avowed Trump supporter, cited Kalsi’s election predictions through his personal account.
As interest in prediction markets continues to grow, Musk similarly mentioned Polymarket’s post. According to CoinGecko research, betting volume surged 713% in Q3 2024.
Calci hopes to attract US users and US cash flow, while Polymarket dominated the betting arena with a 99% market share and over $1 billion in election-related bets in September alone. Polymarket was the clear market leader despite not catering to US investors and with less than a quarter of the year left. The Polygon-based protocol recently announced new customer awareness checks for its largest stakeholders.
Kalsi also faces new competition from crypto-native providers, other platforms that may not have the same U.S. court approval as Mansour’s company. Cryptocurrency startups such as SoulBound and Wintermute are launching or set to support a new wave of on-chain prediction venues.
