Stablecoin

United

USDC

Coin

Stablecoin issuer Circle said its United States dollar-pegged token has become the first of its kind to comply with impending 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 (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="null" target="null" text="null" title="https://cointelegraph.com/usdc-price-index">USDC</a>) met all requirements laid out in the Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VCRA) regime, the firm <a data-ct-non-breakable="null" href="https://www.circle.com/pressroom/circle-is-the-first-stablecoin-issuer-to-meet-new-canadian-listing-rules" rel="null" target="null" text="null" title="null">said</a> in a Dec. 4 statement.
A VRCA is a crypto asset designed to maintain a stable value over time by referencing that of a fiat currency or another value or right, or a 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 deadline.
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 <img alt="Canada, Circle, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01939974-2c53-7b23-a4da-d1b73bab4049" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/jerallaire/status/1864391925312139351" rel="null" target="null" text="null" title="https://x.com/jerallaire/status/1864391925312139351">Jeremy Allaire</a>
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Circle noted it had also reached full compliance with the Ontario Securities Commission.
The Jeremy Allaire-led firm said it hopes its Circle USD stablecoin can make cross-border payments and Canada’s retail and institutional settlement systems more efficient.
<blockquote>
 “This includes cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and increased payments competition.”
</blockquote>
Circle continues to expand its remit in other parts of the world, including France, where its French subsidiary became the first <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work" rel="null" target="null" text="null" title="null">stablecoin issuer</a> to fully comply with the European Union’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/markets-in-crypto-assets-regulation-mica" rel="null" target="null" text="null" title="null">Markets in Crypto-Assets</a> (MiCA) regulatory framework.
Circle issues both USDC and its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/euro-stablecoins-rise-mica-stellar-launch" rel="null" target="null" text="null" title="null">euro-backed stablecoin</a>, EURC, in the EU in compliance with MiCA.
In June 2023, Circle’s Singaporean subsidiary <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/circle-is-latest-recipient-of-major-payment-institution-license-in-singapore" rel="null" target="null" text="null" title="null">received a payment institution license</a> from the Monetary Authority of Singapore, widely considered to be one of the strictest market regulators in the world.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoins-dollar-allies-adversaries-new-financial-era" rel="null" target="null" text="null" title="null">Stablecoins and the dollar: Allies or adversaries in the new financial era?</a>
USDC boasts a market cap above $40.3 billion, trailing only Tether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) in what is now a $201.2 billion stablecoin market, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/categories/stablecoins" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Canada, Circle, Stablecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01939973-8b88-723a-a003-5e0440dea2a2" title="">
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 Top five largest stablecoins by market cap. Source: CoinGecko
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The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoin-trading-volume-surges-1-8-t-november" rel="null" target="null" text="null" title="null">stablecoin market increased nearly 10%</a> in November as trading volumes rose above $1.8 trillion for the month.
It follows growing confidence in the crypto industry from governments and institutions worldwide. Meanwhile, Vancouver’s mayor, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vancouver-mayor-ken-sim-bitcoin-reserve-asset" rel="null" target="null" text="null" title="null">Ken Sim, announced plans </a>for the Canadian city to start adding Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) to its balance sheet as part of efforts to diversify its investments.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/unstable-coins-de-pegging-bank-runs-other-risks-2023/" rel="null" target="null" text="null" title="null">Unstablecoins: Depegging, bank runs and other risks loom</a>

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

Cointelegraph

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