Scan to Download Gate App
qrCode
More Download Options
Don't remind me again today

Canada promises to follow the United States in regulating stablecoin

robot
Abstract generation in progress

Canada will introduce regulations for stablecoins backed by fiat in the federal budget 2025, following America – the country that passed the GENIUS Act in July. According to the plan, stablecoin issuers must maintain sufficient reserves, have transparent redemption policies, and a risk management framework to protect user data. The Bank of Canada will spend 10 million USD over two years from 2026–2027 to implement this, then maintain costs of 5 million USD per year.

This move aims to modernize the payment system, making digital transactions faster and safer. CEO of Coinbase Canada, Lucas Matheson, believes that the new law will “change the way Canadians interact with money and the Internet.”

The stablecoin market currently stands at 309 billion USD and could rise to 2 trillion USD by 2028, as major organizations like SWIFT, Western Union, and MoneyGram ramp up the adoption of stablecoins.

HAI-0.46%
CHO-1.46%
U0.56%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)