Overview
- The Nov. 4 federal budget is expected to present an outline of nationwide rules for fiat-backed stablecoins, with full implementation projected to take months.
- Policymakers are centering the framework on whether such tokens are securities or derivatives, a decision that will determine oversight, reserves, and redemption standards.
- Concerns over Canadians migrating to U.S. dollar stablecoins are driving the push, with industry voices warning of risks to economic sovereignty and monetary policy.
- FINTRAC last week imposed a record C$126 million fine on Cryptomus for 2,593 anti–money laundering violations, underscoring regulatory urgency.
- Domestic issuers are preparing to launch: Stablecorp advanced its QCAD and raised about C$5 million in September, while Tetra Trust raised C$10 million and targets an early-2026 CAD token subject to approvals, with officials considering alignment with the U.S. GENIUS Act taking effect in early 2027.