Circle says USDC is first stablecoin to meet Canada’s new listing rules

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Circle says USDC is first stablecoin to meet Canada’s new listing rules

crypto :: 2024-12-06 :: source - cointelegraph

By Brayden Lindrea

Stablecoin issuer Circle said its United States dollar-pegged token has become the first of its kind to comply with impending listing rules set out by Canada’s securities regulator, allowing it to continue to be listed on licensed crypto trading platforms in 2025.

Circle USD USDC met all requirements laid out in the Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VCRA) regime, the firm said in a Dec. 4 statement.

A VRCA is a crypto asset designed to maintain a stable value over time by referencing that of a fiat currency or another value or right, or a combination thereof.

Any stablecoins listed on Canadian-registered crypto platforms will need to be delisted if they don’t gain compliance by the CSA’s Dec. 31 deadline.

Canada, Circle, Stablecoin — *Source:* *Jeremy Allaire*

Circle noted it had also reached full compliance with the Ontario Securities Commission.

The Jeremy Allaire-led firm said it hopes its Circle USD stablecoin can make cross-border payments and Canada’s retail and institutional settlement systems more efficient.

“This includes cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and increased payments competition.”

Circle continues to expand its remit in other parts of the world, including France, where its French subsidiary became the first stablecoin issuer to fully comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

Circle issues both USDC and its euro-backed stablecoin, EURC, in the EU in compliance with MiCA.

In June 2023, Circle’s Singaporean subsidiary received a payment institution license from the Monetary Authority of Singapore, widely considered to be one of the strictest market regulators in the world.

USDC boasts a market cap above $40.3 billion, trailing only Tether USDT in what is now a $201.2 billion stablecoin market, CoinGecko data shows.

The stablecoin market increased nearly 10% in November as trading volumes rose above $1.8 trillion for the month.

It follows growing confidence in the crypto industry from governments and institutions worldwide.

Meanwhile, Vancouver’s mayor, Ken Sim, announced plans for the Canadian city to start adding Bitcoin BTC to its balance sheet as part of efforts to diversify its investments.

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