According to the source, there is no official Government of Canada budget publication confirming new stablecoin rules at this time, so traders should rely on current, in-force frameworks when assessing market impact. Source: Department of Finance Canada official releases. Canada already governs the distribution of fiat‑referenced crypto assets on domestic platforms via the CSA’s VRCA terms, which require cash and short‑term T‑bill reserves, redemption rights, and ongoing disclosures before a platform can list a stablecoin. Source: Canadian Securities Administrators, Staff Notice 21-333 and related VRCA guidance. Payment service providers that touch fiat on/off‑ramps for crypto are being brought under federal oversight through the Retail Payment Activities Act, with the Bank of Canada responsible for registration and supervision, which shapes custody and settlement workflows affecting stablecoin liquidity. Source: Bank of Canada, Retail Payments Supervision (RPAA). For federally regulated financial institutions, prudential treatment of crypto exposures and draft expectations around fiat‑referenced crypto asset issuers remain defined by OSFI’s interim advisory and consultations, influencing banking rails that support stablecoin issuance and redemption. Source: Office of the Superintendent of Financial Institutions (OSFI), 2023 Interim Advisory on Cryptoasset Exposures and related consultations on fiat‑referenced crypto assets. In the United States, stablecoin legislation such as the Clarity for Payment Stablecoins Act has advanced in committee but is not enacted into law, meaning any Canadian alignment would require explicit proposals in an official budget or bill before traders can price regulatory convergence. Source: U.S. House Financial Services Committee records. Until Ottawa publishes specific statutory text, Canadian platforms’ listing decisions and liquidity for USDC and other fiat‑backed coins will continue to follow CSA VRCA conditions, which is the near‑term anchor for spreads and stablecoin dominance on CAD pairs alongside BTC and ETH markets. Source: Canadian Securities Administrators, Staff Notice 21-333 and VRCA terms.