Is USDT no longer welcome in Canada? Crypto.com has just sent a statement to its Canadian users, explaining that they will soon no longer be able to access Tether’s stablecoin. Why was this decision made?
Tether’s USDT Delisted for Canadian Crypto.com Users
Several users reported receiving an email from Crypto.com informing them that USDT would no longer be supported. The email, which does not immediately mention the geographical area, caused a small wind of panic to blow… Before we learned that USDT will be banned “in your jurisdictionaccording to the email, i.e. Canada:
#USDT will be delisted and will no longer be supported in the #crypto.com app .. this doesn’t look good for #Tether pic.twitter.com/JeS5P9idlC
— Giancarlo Cecco (@GiancarloCecco) January 10, 2023
“Tether (USDT) will no longer be supported on the Crypto.com app. […] All USDT transactions will be suspended.»
The company reports having made this decision in accordance with the instructions of the Ontario Securities Commission (OSC), the equivalent of the US SEC. Users have until January 31 to transfer their USDT. After this time, they will automatically be exchanged for USDC.
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Canada, historically cautious with Tether’s USDT?
Historically, Canada’s exchanges have sometimes been reluctant to list USDT. Two local services, Coinberry and Wealthsimple, have thus ceased to offer USDT on their platforms during the year 2021. In addition, the Canadian securities regulators indicated last month that they would monitor more closely stablecoins, notably following the collapse of FTX.
Stopping offering USDT on an exchange is not trivial. Tether offers the largest dollar stablecoin, with market capitalization which currently stands at $66 billion. This shows the ecosystem’s mistrust of the latter, which is not new, but has been renewed since the downfall of the Terra ecosystem and its stablecoin UST.
Tether had to communicate in November to reassure a community worried about a possible “depeg” : the USDT had then lost parity with the dollar and briefly touched 0.96 dollar. But the stablecoin remains the most used, and even offered itself the luxury of worrying its rival USDC a few weeks ago.
USDT is unlikely to be delisted from any Crypto.com, but the move still reminds us of the key role stablecoins have for the ecosystem, as well as the need for them to be solid…and accessible.
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Source: Crypto.com
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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