Coinbase has invested in Canadian stablecoin issuer Stablecorp as part of a strategy to enhance access to tokenized Canadian dollars. Lucas Matheson, CEO of Coinbase Canada, revealed this investment during the Blockchain Futurist Conference in Toronto. The amount invested remains undisclosed, but this partnership aims to promote Stablecorp’s fiat-collateralized stablecoin, QCAD. Matheson highlighted the necessity of a stablecoin for Canadians, noting the absence of peer-to-peer transaction options in the country. While stablecoins have a total market capitalization of around $245 billion globally, Canada faces hurdles in adopting such financial instruments, primarily due to existing securities regulations that impact the issuance of fiat-backed stablecoins. Matheson urged the federal government to develop a national strategy for digital assets, underscoring the strategic importance of cryptocurrency. This discussion follows Canada’s recent federal elections, prompting expectations for regulatory changes under newly elected Prime Minister Mark Carney.

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