Circle’s USDC Becomes First Stablecoin to Comply with Canada’s New listing Requirements

In an announcement on December 4th, Circle’s CEO Jeremy Allaire shared that their stablecoin, USD Coin (USDC), has achieved compliance with Canada’s updated regulations for digital assets, making it the first of the top dollar-backed stablecoins to do so.

This milestone is especially significant as there have been reports of layoffs within the company. The updated regulations, which were set by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), cover Value-Referenced Crypto Assets (VRCA).

USDC’s compliance means that it can remain listed on registered crypto exchanges and trading platforms in Canada, which must also meet the new VRCA standards by December 31st.

Any stablecoins that do not comply will be delisted. In the past year, notable crypto companies such as Gemini, Binance, and Paxos have left the Canadian market due to regulatory challenges.