Coinbase has announced its investment in Stablecorp, a Canadian stablecoin issuer, aiming to enhance access to tokenized Canadian dollars. During the Blockchain Futurist Conference, Coinbase Canada’s CEO, Lucas Matheson, explained that the investment amount remains undisclosed. Matheson emphasized the necessity of having a stablecoin for Canadians, citing the absence of a peer-to-peer payment solution. Currently, the market capital for stablecoins stands at approximately $245 billion, with leading contributions from US dollar-backed stablecoins like Tether and USDC. However, Canada is facing challenges in stablecoin adoption due to existing securities regulations, which classify fiat-backed stablecoins as securities rather than as payment instruments. This regulatory barrier has hindered the growth of the crypto sector in Canada. Matheson called on the federal government to devise a national strategy for digital assets, particularly as the recent elections brought in a new leadership.

Source 🔗