Circle’s stablecoin, USDC, has reached a milestone by becoming the first to meet the Value Referenced Crypto Asset (VRCA) standards in Canada. This achievement highlights Circle’s commitment to strict regulation and sets a new standard for the stablecoin market. What does this mean for USDC and the broader industry?
Strict Canadian regulations
The VRCA standards, developed by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), are aimed at investor protection and improving oversight of digital assets. Stablecoins that do not meet these requirements will be banned after December 31, 2024.
Circle’s compliance with these standards allows platforms to continue legally offering USDC in Canada, which is an important step for the adoption and regulation of stablecoins.
Response from Circle
Dante Disparte, Chief Strategy Officer of Circle, emphasized the importance of this achievement. “The availability of USDC in Canada demonstrates our global compliance with emerging regulations and strengthens the reliability of digital markets,” he stated via Circle’s official website.
European progress
Canada is not the only success story for USDC. In July 2024, USDC became the first stablecoin to comply with the European Union’s strict Markets in Crypto-Assets (MiCA) legislation. With these dual successes, USDC is slowly catching up to Tether (USDT) as the dominant player in the stablecoin market.
Competition from Ripple’s RLUSD
Meanwhile, USDC will soon face new competition: Ripple’s RLUSD token. Although the launch was scheduled for December 4, the stablecoin is experiencing delays due to the lack of approval from the New York State Department of Financial Services (NYDFS). Ripple remains optimistic about RLUSD’s role as a stable alternative to XRP and as a competitor to established stablecoins such as USDC and Tether.
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Source: https://newsbit.nl/mijlpaal-usdc-voldoet-als-eerste-stablecoin-aan-canadese-vrca-eisen/
