Canadian holders of stablecoins tied to fiat money got the opportunity to make transactions with their coins using bitcoin ATMs.
Instacoin, a local cryptocurrency terminals operator, announced at the end of last year that it was already possible to make transactions with the digital currency Tether (USDT) using its devices. In the near future, the company will update the device software and configure them to support a total of seven stablecoins.
Instacoin believes that the most popular coins among Canadians are (GUSD) Gemini Dollar, (TUSD) TrueUSD, (PAX) Paxos and (USDC) USDCoin.
The main advantage of such digital assets is a cheaper way to send and receive them. In addition, coins backed by fiat money are less prone to volatility, which hedges investors’ risks.
Almost all stablecoins are ERC-20 standard tokens based on the Ethereum blockchain.
At the moment, in Canada, without identification, a cryptocurrency holder can buy and sell coins in the amount of not more than 10,000 Canadian dollars daily. Instacoin cryptomats work only with cash.
According to CoinATMRadar, in 2019 the number of cryptocurrency terminals in the world increased by 50%. Now holders of digital assets can be served by 6384 devices that support not only bitcoin, but also the main altcoins.