Circle has become the first stablecoin issuer to meet Canada’s new listing requirements for its USD Coin (USDC), marking a significant milestone amid ongoing reports of layoffs within the company.
In a Dec. 4 post on X, Circle CEO Jeremy Allaire announced that USDC is the first of the top dollar-backed stablecoins to comply with Canada’s updated regulations for digital assets.
Value-Referenced Cryptoassets are covered under the rules of the Canadian Securities Administrators, and Ontario Securities Commission.
USDC is available in Canada on all crypto-exchanges and platforms that are registered. The platforms will have to meet the VRCA standard by December 31, otherwise non-compliant Stablecoins may be removed.
There are several notable crypto companies including Gemini, Binance, You can also find out more about the following: Paxos left the Canadian marketplace in the last year, citing technical issues. These departures followed the Canadian government’s introduction of stricter rules for the crypto industry.
However, Circle’s Head of Global Policy, Dante Disparte, highlighted that USDC’s continued presence in Canada demonstrates the company’s commitment to global regulatory standards.
He emphasized that Canada’s forward-thinking approach to regulation enhances the integrity of digital asset markets while supporting USDC’s use within the country’s growing ecosystem.
Reduction in workforce
At the same time, Circle’s regulatory success coincides with reports of a 6% workforce reduction within the company, Bloomberg reported.
Circle’s spokesperson explained that these layoffs came as part of routine reviews for optimizing investments and managing expenses. The spokesperson said the firm will continue to invest in key teams and infrastructure, but that certain roles may be reduced in some areas.
The company is also focused on extending its geographical footprint in fields such as Artificial Intelligence.
These moves coincide with USDC’s continued dominance as the second-largest stablecoin in the crypto market. According to CryptoSlate’s data, the digital asset controls 20% of the market with its $40 billion supply.
Posted In: USDC, Canada, Featured, Regulation, Stablecoins The Author 
Oluwapelumi Adejumo
Oluwapelumi believes in the potential of Bitcoin. He shares his insights and opinions on topics such as DeFi, Hacks, Mining, Culture, etc., highlighting the transformative power of Bitcoin.
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