Coinbase Canada halts USDT trading this month

Coinbase, a widely-recognized cryptocurrency exchange, has notified its Canadian users through emails of an imminent suspension of trading for the digital asset Tether. In the words of an official representative from Coinbase’s team, this trading halt is due to happen on August 31 at 12 PM ET. Besides the cessation of USDT trades in Canada, Dai (DAI) and RAI Reflex Index (RAI) will also no longer be available on Coinbase’s platform there.

The trading suspension will only have an impact on these tokens’ trading capabilities, according to Coinbase’s clarification. Even after the trading suspension takes effect, users will still have access to their USDT, RAI, and DAI wallets, allowing them to make deposits and withdrawals.

Following its statement of wanting to expand further into the international market, Coinbase exchange has commenced its launch in Canada. Nana Murugesan from Coinbase expressed that due to the nation’s knowledge and interest in cryptocurrency, advanced technological advancements, and ongoing progress on regulations related to crypto, Canada could become a significant part of the world’s crypto landscape.

On the same day, Tether (USDT), the stablecoin’s operator, disclosed changes to its strategic focus., Bitcoin Cash SLP, Omni Layer, and Kusama implementations will no longer be supported, according to Tether, who also disclosed a “strategic transition.” The latter is significant because Tether initially used Omni when it was still known as Realcoin in 2014.

Tether has decided that they will no longer be producing USDT-Omni, USDT-BCHLSP, and USDT-Kusama after the August 17 date. Users can still use these tokens without any disruption in the following 12 months. Although exchanging them for other blockchains may become a challenge, it is possible to do so using platforms like Bitfinex. This decision was due to difficulties with scarce popular tokens and alternative blockchains having access to USD over time.

Additionally, Tether’s post revealed a strategic reorientation to concentrate resources on the creation of RGB, a state and smart contracts system located on layers 2 and 3 of the Bitcoin ecosystem. This change demonstrates Tether’s dedication to innovation and service improvement.

Tether revealed in a distinct announcement that it had around $73 billion tied up in U.S. Treasury bills as of their second quarter attestation. At the close of June, the organization declared assets with a value of over $3.3 billion.

Coinbase and Tether’s recent advancements come as the cryptocurrency market undergoes a transformation. They demonstrate the companies’ adaptability and commitment to providing top-notch services despite shifting market conditions. The decision by Tether to realign its strategy and the suspension of trading for some stablecoins in Canada both highlight the industry’s ongoing efforts to improve and innovate.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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