The Canadian government is poised to introduce new regulatory measures for stablecoins, potentially unveiling them in the upcoming federal budget on November 4. This move aims to modernize the country’s payment system and aligns Canada with global trends, especially following the U.S. landmark GENIUS Act. Canadian officials have been actively consulting with regulators and industry players to shape a comprehensive framework, as the current legal landscape for stablecoins remains fragmented. While the Canadian stablecoin market is still in its infancy — with prominent examples like QCAD, a Canadian-dollar backed token issued by Toronto’s Stablecorp — U.S. dollar–pegged stablecoins such as USDC continue to dominate usage domestically. The Bank of Canada has emphasized the urgency of clearer regulations to ensure consumer protection while fostering innovation. Echoing global momentum, the U.S. framework enacted by the GENIUS Act will take effect in 2027, setting a precedent with strict collateralization and anti–money laundering measures. As stablecoins grow worldwide, now surpassing $300 billion in total value, Canada’s regulatory steps may define its competitive edge in the digital payments revolution.”;