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

Non-compliant stablecoins listed on Canadian-registered crypto platforms will be required to be delisted by Dec. 31, 2024.

COINTELEGRAPH IN YOUR SOCIAL FEED

Stablecoin issuer Circle says its United States-dollar pegged token has become the first of its kind to comply with incoming 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 that is designed to maintain a stable value over time by referencing the value of a fiat currency or any other value or right, or 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, 2024 deadline.

Source: Jeremy Allaire

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

The Jeremy Allaire-led firm 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 in France where its French subsidiary became the first stablecoin issuer to achieve full compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

Circle issues both USDC and its euro-backed stablecoin, Euro Coin (EURC), in the European Union in compliance with MiCA.

In June 2023, the 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.

Related: Stablecoins and the dollar: Allies or adversaries in the new financial era?

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.

Top five largest stablecoins by market cap. Source: CoinGecko

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

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

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.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

This article first appeared at Cointelegraph.com News

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Written by Outside Source

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