Circle’s USDC Becomes First Stablecoin to Meet Canada’s New Listing Rules
Circle Internet Group, Inc. has announced that its regulated subsidiary is the first stablecoin issuer to comply with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCAs) requirements. This achievement ensures that Circle’s U.S. dollar-denominated stablecoin, USDC, will continue to be available on registered crypto asset trading platforms in Canada.
The compliance milestone underscores Circle’s dedication to transparency and regulatory adherence. As a result, Canadian users will have continued access to USDC, the leading regulated, fiat-backed stablecoin, even after the CSA’s December 31, 2024, deadline for delisting non-compliant stablecoins.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, highlighted the significance of this development. “The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks another step forward in fostering a transparent and accountable digital financial ecosystem,” he stated. Disparte also praised the Canadian Securities Administrators’ proactive approach, noting that it reinforces the integrity of digital asset markets while ensuring the continued use of USDC across Canada’s growing ecosystem.
Circle’s engagement with Canadian authorities is part of a broader effort to develop a regulated market for global stablecoins. This initiative aims to bring significant efficiency gains to Canadian cross-border, retail, and institutional settlement systems. Benefits include cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and enhanced payments competition.
Beyond Canada, Circle holds money transmitter licenses in various U.S. states and jurisdictions and is regulated under the U.S. Bank Secrecy Act. In July 2024, Circle’s French subsidiary became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, issuing both USDC and the euro-backed stablecoin EURC in the EU. Additionally, in June 2023, Circle’s Singaporean subsidiary received a Major Payment Institution License from the Monetary Authority of Singapore.
The regulatory landscape in Canada has seen significant changes, with the CSA rolling out stricter guidelines for exchanges offering Value-Referenced Crypto Assets. This has led some major players, such as Binance, to exit the Canadian market, while others like Coinbase and Crypto.com have delisted non-compliant tokens, including Tether’s USDT.
Circle’s achievement in Canada is part of a broader trend of stablecoin issuers complying with regulatory requirements across various jurisdictions. The company’s proactive approach to regulation has positioned it as a leader in the stablecoin market, which has seen a nearly 10% increase in November, with trading volumes exceeding $1.8 trillion for the month.
This development comes amid growing confidence in the crypto industry from governments and institutions worldwide. For instance, Vancouver’s mayor, Ken Sim, recently announced plans for the city to start adding Bitcoin to its balance sheet, further diversifying its investments.
