USDC to remain available on registered crypto asset trading platforms that meet the CSA's Value Referenced Crypto Asset requirements

Today, Circle Internet Group, Inc. a global financial technology company, announced that its regulated subsidiary is the first stablecoin issuer to commit to comply with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCAs) requirements. This facilitates Circle’s U.S. dollar-denominated stablecoin, USDC, being offered on registered crypto asset trading platforms in the Canadian market.

USDC is the first stablecoin to achieve this milestone, which highlights Circle’s longstanding commitment to transparency and regulatory compliance. Registered crypto asset trading platforms that operate in Canada and comply with VRCA requirements can continue to offer USDC after the CSA’s December 31, 2024 cutoff for delisting non-compliant stablecoins. Circle’s commitment provides Canadian users with global access to the leading regulated, fiat-backed stablecoin.

"The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks another step forward in fostering a transparent and accountable digital financial ecosystem," said Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle. "The Canadian Securities Administrators' proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem."

Circle continues to engage with Canadian authorities in their development of a regulated market for global stablecoins, which has the potential to bring significant efficiency gains to Canadian cross-border, retail, and institutional settlement systems. This includes cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and increased payments competition.

Outside of Canada, Circle, through its regulated entities, holds money transmitter or equivalent licenses in applicable U.S. states and jurisdictions, and is regulated under the U.S. Bank Secrecy Act as a money services business with the U.S. Treasury Department’s Financial Crimes Enforcement Network. In July 2024, Circle’s French subsidiary became the first global stablecoin issuer to achieve compliance with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Circle now issues both USDC and the euro-backed stablecoin EURC in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. In June, 2023, the Company’s Singaporean subsidiary received a Major Payment Institution License from the Monetary Authority of Singapore.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC - highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps, or managing their internal treasury. Learn more at https://circle.com.

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