Overview
- Issuers would face rules on full reserves, clear redemption, risk management and protection of Canadians’ personal data under forthcoming legislation.
- The Bank of Canada is assigned CA$10 million over two years starting in 2026–27 to administer the regime, with about CA$5 million in ongoing annual costs recovered from regulated issuers.
- Amendments to the Retail Payment Activities Act will bring payment providers using prescribed stablecoins under federal supervision.
- The budget references national security safeguards for the framework but does not specify the measures or provide a timetable for tabling the bill.
- Industry groups welcomed the direction as Canada follows moves like the U.S. GENIUS Act; domestic efforts include Tetra Digital’s CA$10 million raise to build a loonie-backed token.