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.
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 hold | CDIC deposit insurance? |
|---|---|
| Bitcoin, ether or any other crypto on a card platform | No |
| A stablecoin, even one pegged to CAD | No |
| CAD balance on a prepaid card | Only 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 bank | Yes, within CDIC limits |
What does CDIC cover, exactly?
CDIC insures eligible deposits at member institutions up to $100,000 per insured category, per member, including principal and interest. It lists nine categories, among them deposits in one name, joint deposits, RRSPs, RRIFs, TFSAs, RDSPs, RESPs, FHSAs and trusts. Eligible deposits include savings and chequing accounts and GICs, in Canadian or foreign currency. Mutual funds, stocks, bonds, ETFs and cryptocurrencies, including stablecoins, are not covered.
Is the money on a prepaid crypto card a deposit?
Generally not. A prepaid card is issued by a bank or trust company, but the balance belongs to the card program, not to a deposit account in your name. Shakepay’s cardholder agreement states plainly: “Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).” Read the cardholder agreement for any other card before assuming otherwise.
| Verified card | CAD balance | Crypto held | Rewards |
|---|---|---|---|
| Shakepay | Not CDIC insured (cardholder agreement) | Not covered | Bitcoin, not covered |
| Crypto.com | Prepaid card balance; check the cardholder agreement | Not covered | CRO, not covered |
| ether.fi Cash | No CAD balance: spends Vault assets | Not covered | ETHFI, not covered |
| MetaMask Card | No CAD balance: spends tokens | Not covered | mUSD stablecoin, not covered |
What other protections exist, if not CDIC?
For CSA-registered platforms, client crypto must be held with qualified custodians and segregated from the platform’s own assets. Some platforms buy insurance for their own wallets, which protects the platform against certain losses, not your account directly. Card network rules give you a dispute process for card purchases, but not for crypto you sent on-chain. None of these is deposit insurance, and none applies the same way to offshore services.
How much should I keep on a card?
Only what you will spend in the next few weeks. Your emergency fund belongs in an insured deposit at a CDIC member; your long-term crypto belongs wherever you are comfortable holding it, away from anything a card can draw on.
| 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 balance | Not insured, per Shakepay’s cardholder agreementcheck each card’s terms |
| Bitcoin | Not 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.
Questions people ask
Is my Shakepay card balance CDIC insured?
No. Shakepay’s cardholder agreement says funds loaded onto the card are not insured by CDIC.
Are stablecoins covered by CDIC?
No. CDIC lists cryptocurrencies, including stablecoins, among products it does not cover.
Does a CSA-registered platform mean my crypto is insured?
No. Registration brings custody and segregation rules, not deposit insurance. A platform may insure its own wallets, which is not the same as insuring your account.
Where should my emergency fund be?
In an eligible deposit at a CDIC member institution, within CDIC limits, not on a crypto card or platform.
Sources
- CDIC — What’s covered — no date shown; read October 30, 2026
- CDIC — Fintechs — no date shown; read October 30, 2026
Educational information, not financial, tax or legal advice. 4 min read. Reviewed October 31, 2026.