- Tether will be removed from Crypto.com in Canada as directed by the country’s regulatory body.
- Crypto.com will convert all USDT into USDC at the end of the ad.
There was no time when Tether was not [USDT] Not discussed, neither positive nor negative. Since it is the most valuable stablecoin in the world, this is not surprising. However, recent developments in Canada may jeopardize the stablecoin’s dominant position.
Unlock the Canadian market?
According to an email sent to its Canadian clients, Tether will be removed from the Crypto.com exchange. The aforementioned email has been circulating in the media recently.
Crypto.com sent out notifications to its Canadian customers on January 10th informing them that the exchange would no longer accept Tether after January 31st. The exchange also warned that users will no longer make deposits or withdrawals after the deadline.
The decision was in response to a directive from the Ontario Securities Commission (OSC). According to the email, the move was part of the company’s commitment to pre-register for a limited dealer license in the country.
Last month, the Canadian Securities Administrators (CSA) He said They will increase their regulation of cryptocurrency exchanges in the country. the body has been confirmed Its commitment to the regular assessment of the presence and impact of stablecoins in Canadian capital markets.
The fight continues between USDT and USDC
The exchange added that any pending USDT deposits made by users after that time will be exchanged for USDC. The US USDC ranks second by market capitalization among stablecoins, according to information compiled by CoinMarketCap. This makes it a direct competitor to USDT, along with BUSD from Binance.
This wouldn’t be the first time that USDC appeared to be looking at USDT. To encourage its users to convert to USDC, Coinbase reportedly stopped charging fees for making the conversion late last year.
USDT volume is declining
According to Santiment volume stats, USDT volume has been declining recently. The visible volume at the time of this article was over $23 billion. This is an indication of the current low transaction volume, although it is not directly related to recent developments.
Additionally, according to statistics from Dune Analytics, Binance continues to hold the largest volume of USDT traded on major exchanges. Approximately $30 billion USD was apparently held by the Binance exchange, at the time of writing.
FUD was a problem prior to USDT, but the currency has mitigated that over time. How this new information might change things, or if it will lead to further research and development, remains to be seen.