Protection

Are crypto cards covered by CDIC?

CDIC does not cover crypto, including stablecoins, and fintechs are not CDIC members. What protection does and does not apply to a crypto card balance.

Checked against official sources: October 31, 2026Independent · no affiliate links
Short answer

No. CDIC states that cryptocurrencies, including stablecoins, are not covered, and that fintechs are not CDIC members. A CAD balance on a prepaid crypto card is protected only if the program places it as an eligible deposit at a CDIC member, which you should confirm in the card terms.

Figures as of October 31, 2026.
Mitey the yeti reading carefully
Mitey reads the line in Shakepay’s cardholder agreement in bold: funds loaded onto the card are not insured by CDIC.

CDIC insures eligible deposits at member institutions up to $100,000 per insured category, per member. Its list of what is not covered includes “cryptocurrencies, including stablecoins” (CDIC, What’s covered, read October 30, 2026).

CDIC also says fintechs are not CDIC members and are not insured by CDIC; your funds are protected only if they are placed as eligible deposits with a member institution (CDIC, Fintechs).

What you holdCDIC deposit insurance?
Bitcoin, ether or any other crypto on a card platformNo
A stablecoin, even one pegged to CADNo
CAD balance on a prepaid cardOnly if the program places it as an eligible deposit at a CDIC member: check the terms
CAD in your chequing account at a CDIC member bankYes, within CDIC limits
Registration with securities regulators, qualified custodians and insurance a platform buys for its own hot wallets are all different from deposit insurance. Read exactly what a platform’s insurance covers, and for whom.
What CDIC would cover on a typical crypto card setup
What CDIC would cover on a typical crypto card setup: inputs, steps and result
CAD balance on a prepaid crypto card$2,000
Bitcoin held on the same platform$3,000
Chequing at a CDIC member bank$4,000
Prepaid card balanceNot insured, per Shakepay’s cardholder agreementcheck each card’s terms
BitcoinNot insured (CDIC: crypto not covered)
CDIC-insured total$4,000Only the bank chequing account, within CDIC limits.

Computed 2026-11-03.

What this means for you

Treat any crypto card balance as uninsured money. Load what you plan to spend this month, not your emergency fund.

Sources

  1. CDIC — What’s covered — no date shown; read October 30, 2026
  2. CDIC — Fintechs — no date shown; read October 30, 2026

Educational information, not financial, tax or legal advice. 4 min read. Reviewed October 31, 2026.