The Bank of Canada said stablecoins operating in the country will need to meet stringent standards as Canada prepares to introduce a formal regulatory framework in 2026. Speaking in Montreal, Governor Tiff Macklem emphasized that stablecoins must function as reliable forms of money, comparable to bank deposits or cash.
Under the proposed approach, stablecoins would need to be pegged one-to-one to a central bank currency and fully backed by high-quality liquid assets, such as government securities. Issuers would also be required to provide clear disclosures on redemption terms, fees, and timing, while maintaining strong operational resilience to ensure convertibility at par.
The central bank plans to develop detailed rules next year in coordination with the Department of Finance Canada. The effort aligns with provisions in Canada’s 2025 federal budget, which expanded oversight of payment services handling stablecoins, reflecting a cautious but structured move toward regulated digital money.
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