USDC becomes first stablecoin to meet Canada’s new listing rules

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Grafa2024/12/06 03:00

By:Mahathir Bayena

Circle's USDC (CRYPTO:USDC) has become the first stablecoin to meet Canada's new listing rules, according to a statement from the issuer on December 4.

The stablecoin has complied with the Canadian Securities Administrators' (CSA) Value-Referenced Crypto Asset (VCRA) regime, allowing it to remain listed on licensed Canadian crypto platforms through 2025.

As part of the CSA's updated regulations, any stablecoins listed on platforms registered in Canada must meet the VCRA requirements by December 31, 2024, or face delisting.

The new rules are part of a broader effort to ensure that stablecoins maintain a stable value tied to fiat currencies or other assets, thus promoting transparency and security in the market.

In addition to meeting the CSA's standards, Circle confirmed that it has also achieved full compliance with the Ontario Securities Commission.

Circle’s compliance is expected to help improve cross-border payments and make Canada’s retail and institutional settlement systems more efficient.

According to Circle CEO Jeremy Allaire, these advancements could lead to cheaper settlements, reduced settlement risk, increased consumer protections, and greater competition in payments.

At the time of reporting, the USDC price was trading at $1.00.

Circle has expanded its regulatory compliance globally, with the company’s French subsidiary becoming the first stablecoin issuer to meet the European Union's Markets in Crypto-Assets (MiCA) framework.

Furthermore, Circle’s Singapore subsidiary received a payment institution license in June 2023 from the Monetary Authority of Singapore, a highly respected regulatory body.

As of now, USDC has a market cap of over $40.3 billion, making it the second-largest stablecoin behind Tether (CRYPTO:USDT).

According to CoinGecko data, the stablecoin market reached a $201.2 billion valuation in November, reflecting growing confidence in the crypto space worldwide.

At the time of reporting, the USDC price was $0.9987.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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