Coinbase Canada to suspend USDT trading later this month

Tether ends support for Omni, its original blockchain

article-image

dRender/Shutterstock modified by Blockworks

share

Coinbase sent Canadian users an email on Thursday and announced it would suspend their ability to trade for the stablecoin Tether at the end of August.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI), and Tether on Aug. 31 around 12 pm ET,” a Coinbase spokesperson told Blockworks via email.

“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,” the firm continued.

Earlier this week, Coinbase announced that it was “accelerating” its international expansion with a Canadian launch

“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework,” Coinbase’s Nana Murugesan said in a statement. 

The operator behind the stablecoin USDT also announced some changes on Thursday. 

Tether (USDT) detailed a “strategic transition” and is discontinuing support for “Kusama, Bitcoin Cash SLP and Omni Layer implementations.” Omni stands out, as it was the first layer Tether used when it was known as Realcoin in 2014.

“However, over the years, the Omni Layer faced challenges due to the lack of popular tokens and the availability of USD₮ on other blockchains,” Tether said in a post.

Starting Aug. 17, USDT-Omni, USDT-Kusama and USDT-BCHLSP will stop minting. However, all three will be redeemable “as normal” for the next 12 months.

Bitfinex and other platforms will still allow the pairs swap for other chains.

“While this shift signifies a transition, the focus will now be on directing resources toward the development of RGB, which is a client-side validated state and smart contracts system that operates on layer-2 and 3 of the Bitcoin ecosystem,” the post said.

Tether reported around $73 billion in exposure to US Treasury bills in its second quarter attestation, with excess revenues of $3.3 billion as of June 30.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Avail.jpg

Research

Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.

article-image

The Bitcoin halving is a spectacle that only comes round once every four years

article-image

The SEC alleges that Justin Sun spent nearly 400 days in the US from 2017 to 2019

article-image

Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself

article-image

While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space

article-image

Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow

article-image

Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving