A Canadian cryptocurrency ATM operator, Instacoin, has added stablecoins such as Tether to its machines due to high customer demand.

The controversial Tether is joining the following stablecoins that investors can pull from the ATM:

  • Both the multi-collateral and single-collateral Dai (DAI)
  • USD Coin (USDC)
  • Paxos (PAX)
  • Gemini Dollar (GUSD)
  • TrueUSD (TUSD)

Instacoin Allows Buying Stablecoins Anonymously

According to ATM Marketplace, users can take advantage of Instacoin’s ATMs to buy or sell any of the listed cryptocurrencies, though bringing stablecoins to an ATM brings a certain sort of validity to this type of asset. Michael Lo Verso, the President of Instacoin, claims that their customers have been seeing legitimate demand for stablecoin support within these devices:

“So we said, we’ll just try it out and be one of the first to put out these stablecoins on our ATMs. We’ll see how the market reacts to it.”

While many people prefer buying Bitcoin and other cryptocurrencies via an exchange on their mobile phone, purchasing at an ATM brings some anonymity to the process. After all, they can be purchased with the untraceable cash at these machines. Users can buy up to C$10,000 a day via these ATMs, and up to C$1,000 per transaction. Transaction fees are C$5 per Bitcoin transaction and close to C$1 for other cryptocurrencies.

ATMs also serve as a respite from troubled economies, such as ones in many South American countries as of late.

Tether’s Controversy

Especially interesting, however, is the support for Tether despite its controversial background. As of now, the asset and its company, Tether Limited, are stuck in a long-standing lawsuit with the Bitfinex exchange. As BeInCrypto has previously reported, it is commonly believed that the stablecoin is also used to float Bitcoin’s price whenever it dips.

DAI has also been a part of some debate recently, as the project company, MakerDAO recently updated its terms of service to note that it can terminate your access to the network whenever it likes.


Images are courtesy of Shutterstock.

Max Moeller

Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology.

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