Coinbase today announced that it will suspend trading for three popular stablecoins in Canada, shortly after boasting of its full entry into the Canadian market—including trading of the biggest stablecoin in the world, Tether.

In an email to customers on Monday, the company said that Tether (USDT), RAI, and DAI do not meet the company’s listing standards, based on its most recent reviews.

“The trading suspension will not affect customers’ access to RAI, DAI, or USDT wallets which will remain available for deposit and withdrawal functionality after the trading suspension,” Coinbase confirmed to Decrypt via email. The suspension will take effect on August 31 at around 12 p.m. ET.

Though the company did not go into detail, its action mirrors that of rival exchange Crypto.com, which canceled Canadian USDT support in January in response to instructions from the Ontario Securities Commission (OSC).

A month prior, the Canadian Securities Administrators (CSA) clarified that it views stablecoins such as Tether and other value-pegged assets, like Wrapped Bitcoin (WBTC), as securities.

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Author: Andrew Throuvalas

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