Coinbase Stopped Trading Three Major Stablecoins in Canada
Coinbase announced it will stop allowing trading of Tether (USDT), RAI, and DAI in Canada starting August 31st. This decision comes after the company fully launched in Canada and offered support for Tether (USDT) in January.
According to an email to customers, Coinbase cited recent reviews as the reason for the decision. However, users can still deposit and withdraw these stablecoins after trading stops.
Coinbase’s move is similar to Crypto.com, which stopped Canadian USDT services in January due to regulatory pressure. Canadian regulators have stated that major stablecoins like USDT are considered securities, and crypto exchanges cannot trade them.
Stablecoins Pegged to Real Assets
Stablecoins are pegged to real assets like the US dollar to maintain a steady value. They are important for crypto markets and decentralized finance (DeFi). Tether (USDT) is the largest stablecoin, but it has faced questions about its dollar reserves and audits.
Coinbase’s decision to remove USDT support signals regulators may be cracking down on tokenized dollars.
Key Points
- Coinbase stopped trading Tether (USDT), RAI, and DAI in Canada starting August 31st.