USDC Becomes First Stablecoin To Gain Compliance With New Canadian Crypto Asset Requirements
Circle announced this week that USDC became the first stablecoin to gain compliance with new Canadian digital asset regulations. Canada’s new regulations call for delisting noncompliant stablecoins after December 31st. Circle’s compliance means USDC, which aims to maintain a 1:1 peg with the US dollar, can trade on crypto exchanges in the Canadian market, according to a new press release. Dante Disparte, chief strategy officer and head of global policy at Circle, says the new development underscores the stablecoin issuer’s regulatory efforts. “The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.” The announcement comes as Circle launched a new wave of layoffs, Bloomberg reports. A company spokesperson tells the news outlet the downsizing was routine...