Stablecoins
Supervising stablecoin issuers to support safe and reliable digital payments
We administer Canada’s framework for fiat-backed stablecoins and supervise stablecoin issuers.
Our responsibilities
Under the Stablecoin Act, we will regulate non-financial institutions that issue stablecoins to Canadians. Our role will be to:
- register stablecoin issuers
- supervise compliance with regulatory requirements
- monitor and mitigate risks related to issuance and redemption
- take enforcement action when obligations are not met
Our supervision focuses on ensuring that stablecoins are fully backed by high-quality liquid assets, redeemable at par value, and issued in a way that protects users and the financial system.
Supervising stablecoin issuers by the Bank of Canada:
- builds on existing payments oversight expertise
- promotes consistency across federal payments frameworks
- supports safe innovation while protecting consumers and financial stability
The Department of Finance Canada is leading the development of regulations with support from the Bank. Proposed regulations to help clarify details of the Act have been published in Part I of the Canada Gazette.