By 2025, Circle’s USDC stablecoin will be the first to fully comply with Canada’s revised digital asset legislation, enabling its trading on licensed platforms. This is a crucial milestone as the Canadian Securities Administrators (CSA) implement new criteria for stablecoins under the Value-Referenced Crypto Asset (VRCA) framework.
According to Circle, the USDC stablecoin has met all of the CSA’s requirements and may now remain listed on Canadian platforms that follow these laws. All stablecoins listed on registered crypto exchanges must comply with the VRCA framework or face delisting, according to the CSA’s new guidelines, which go into effect December 31, 2024.
Circle’s dedication to regulatory compliance extends beyond Canada. The company has also integrated with the European Union’s Markets in Cryptoassets (MiCA) framework, ensuring that its euro-backed stablecoin, Euro Coin, is completely compliant in the EU. Furthermore, Circle’s Singaporean affiliate received a Major Payment Institution License from the Monetary Authority of Singapore in 2023.
The move demonstrates Circle’s aim of growing into global markets while adhering to local regulatory regulations. The company sees the USDC as a tool for improving cross-border payments by enhancing transaction efficiency, cutting costs, and protecting consumers.
With USDC’s market valuation over $40 billion, Circle is cementing its position as a stablecoin market leader. The company is continuing to work with regulators in many locations to create a secure and transparent financial ecosystem for digital currencies.
