Circle Becomes First Stablecoin Issuer to Comply with Canada’s Listing Standards

​Circle Internet Group, Inc. has announced that its regulated subsidiary is the first stablecoin issuer to commit to meeting the Value-Referenced Crypto Asset (VRCA) requirements set by the Ontario Securities Commission (OSC) and Canadian Securities Administrators (CSA). This compliance allows Circle's U.S. dollar-backed stablecoin, USDC, to be listed on registered crypto asset trading platforms in Canada.

USDC is the first stablecoin to achieve this compliance milestone, enabling registered platforms in Canada to offer it beyond the CSA's December 31, 2024 deadline for delisting non-compliant stablecoins. This move aims to provide Canadian users with access to a regulated fiat-backed stablecoin.

Dante Disparte, Chief Strategy Officer at Circle, noted that the availability of USDC in Canada aligns with evolving global regulations and supports the development of a transparent digital financial ecosystem. He also acknowledged the CSA's efforts in creating a regulatory framework for digital assets, which enhances market integrity.

Circle is actively collaborating with Canadian authorities to facilitate the establishment of a regulated market for global stablecoins, which could improve efficiency in cross-border transactions and settlement systems. Potential benefits include lower transaction costs, enhanced consumer protections, and reduced settlement risks.

Globally, Circle holds money transmitter licenses in various U.S. jurisdictions and operates under the U.S. Bank Secrecy Act. In July 2024, Circle's French subsidiary became the first global stablecoin issuer to comply with the EU's Markets in Crypto-Assets (MiCA) regulations, issuing both USDC and the euro-backed EURC under these new obligations. In June 2023, its Singaporean subsidiary also received a Major Payment Institution License from the Monetary Authority of Singapore.