According to reports, the Canadian federal government is preparing new regulatory rules for stablecoins, with updates potentially to be announced in next week's federal budget. This indicates that more countries may follow the U.S. regulatory lead after the passage of the landmark GENIUS Act.

Bloomberg reported on Monday that government officials have been in talks with regulators and industry stakeholders for several weeks. Finance Minister François-Philippe Champagne may announce the latest developments in stablecoin regulation when he presents the federal budget on November 4.

Currently, Canada lacks a comprehensive legal framework for stablecoins, although regulators have previously indicated that certain tokens may be classified as securities or derivatives under existing laws.

The market for stablecoins pegged to the Canadian dollar is limited. The most representative example is QCAD, a fiat-collateralized token issued by Toronto-based Stablecorp, which is fully backed 1:1 by Canadian dollars.

Stablecoins pegged to the U.S. dollar are still available in Canada, particularly USDC, while Tether's USDt terminated its support services for Canada in 2023.

These developments come as the Bank of Canada has urged the federal government to establish clearer stablecoin rules to modernize the country's payment system—otherwise, it may fall behind other countries in adopting this technology.

Ron Morrow, responsible for payments, oversight, and regulation at the Bank of Canada, noted, "Governments around the world are taking action to regulate stablecoins and other cryptocurrencies, enabling consumers to reap their benefits while avoiding threats to credit and liquidity risks."

The U.S. has acted swiftly in the stablecoin space, especially since President Trump took office. In June of this year, the U.S. Congress passed the GENIUS Act, establishing a regulatory framework for the issuance of fully collateralized, U.S. dollar-backed stablecoins, including anti-money laundering safeguards and regular audit requirements.

This new legislation will officially take effect in January 2027.

Since the passage of the GENIUS Act, more companies have shown a willingness to enter the stablecoin market, which continues to expand. The total market capitalization of stablecoins pegged to the U.S. dollar has now exceeded $300 billion.

Related: Australian cryptocurrency companies support the bill, but "key issues" still need clarification.

Original: “Reports indicate Canada is considering stablecoin rules ahead of federal budget”

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