Circle Adapts to Strengthened Canadian Stablecoin Compliance
Circle, the issuer of USDC, has committed to complying with Canada’s updated stablecoin regulations.
The move makes Circle the first stablecoin issuer to meet Canada’s new interim guidance, introduced in October 2023 to enhance investor protection. Key requirements include maintaining a 1:1 peg with the U.S. or Canadian dollar and backing reserves with cash. Short-term government debt, or qualified securities.
Circle’s CEO, Jeremy Allaire, highlighted that USDC is the first major dollar-backed stablecoin to comply with these regulations. Offering benefits like lower cross-border transaction costs and improved consumer protections.
Clever Robot News Desk 6th December 2024
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