Stablecoins like USDT and USDC are gaining ground over Bitcoin for online casino payments, mainly due to Bitcoin’s excessive volatility, which makes deposits and withdrawals unpredictable for players. Unlike Bitcoin, stablecoins are pegged to the US dollar and maintain a stable value, allowing Canadian players to deposit $100 and withdraw $100 without any value fluctuation. Stablecoin transactions settle in seconds on layer-2 networks, compared to the 2 to 3 business days required for traditional bank transfers. Canada has enacted a Stablecoin Act to regulate these fiat-backed assets, though a regulatory grey area remains between volatile cryptocurrencies and stablecoins. The collapse of TerraUSD in 2022, which wiped out nearly $45 billion in market capitalization, nonetheless illustrates the risks inherent to these assets.
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