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Circle Claims Bragging Rights of USDC Becoming First Regulated Stablecoin in Canada
Pressure mounts on crypto exchanges operating in the country to comply with tighter rules to list stablecoins by the end of this year.
Dec 5, 2024, 6:16 p.m.
What to know:
- Circle said it is the first issuer to comply with Canada's stricter stablecoin listing rules.
- The Canadian Securities Administrators (CSA) started to roll out tighter regulations to govern digital assets last year, including guidelines for exchanges to list stablecoins.
Stablecoin issuer Circle said on Wednesday it has committed to meet tighter regulations in Canada that allows its $40 billion USDC stablecoin to continue to be listed on exchanges.
"USDC is the first stablecoin to achieve this milestone," the company said in a press statement. "Circle continues to engage with Canadian authorities in their development of a regulated market for global stablecoins, which has the potential to bring significant efficiency gains to Canadian cross-border, retail, and institutional settlement systems."
STORY CONTINUES BELOW
Circle's announcement happened as pressure mounts on crypto companies operating in the country to comply with stricter rules by the end of this year.
The Canadian Securities Administrators (CSA) started to roll out tighter regulations to govern digital assets last year, including guidelines for exchanges to offer so-called "Value-Referenced Crypto Assets" (VRCA) which encompasses stablecoins. In anticipation of the stricter rules, Binance exited the Canadian market, while Coinbase and Crypto.com announced to delist tokens including Tether's USDT, the largest stablecoin on the market of $135 billion capitalization, from their platforms.
The Ontario Securities Commission, member of the CSA, listed Circle Internet Financial on its website as so far the only issuer under the VRCA rules.
The deadline for exchanges to comply with stablecoin listing standards is Dec. 31, 2024.
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