Circle announced a milestone about its U.S. dollar-pegged stablecoin, USDC. It was the very first stablecoin to achieve what set it apart under Canada’s new listing rules within the Value-Referenced Crypto Asset framework. With that, USDC would surely stay listed on crypto trading platforms registered in Canada beyond 2024.
Circle, while making this announcement, emphasized transparency and adherence to regulatory requirements. In this context, the regulatory requirements have been provided by the OSC and CSA that have governed the use of stablecoins. USDC will be made available to Canadians and businesses via platforms that meet VRCA’s requirements.
Dante Disparte, Circle’s Chief Strategy Officer, lauded Canada’s proactive stance. He said:
The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.
Circle highlights commitment to transparency
Beyond Canada, Circle’s regulatory reach is truly global. Its French subsidiary was the first to gain compliance under the EU’s MiCA framework and issued both USDC and EURC. In Singapore, Circle gained a Major Payment Institution License to further extend its reach.
This regulatory progress places USDC in a leading position as a trusted stablecoin in the evolving digital financial frontier. What Circle is doing both in Canada and beyond is to make sure that stablecoins foster innovation while meeting the highest regulatory standards.
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