Canada’s Stablecoin Act: what’s enacted, what’s not in force yet

The short version

Canada now has a federal law aimed at stablecoins that are backed by a national currency, called the Stablecoin Act. It passed as part of Bill C-15, the Budget 2025 Implementation Act, No. 1, which received Royal Assent on 2026-03-26.

But passing is not the same as applying. As of the Justice Laws consolidation current to 2026-09-30, the Act carries the note “Act not in force”. Its provisions come into force on a day or days to be fixed by order of the Governor in Council. The Department of Finance says it expects the framework to come into force in 2027.

Dated timeline

Budget 2025 also set aside $10 million over two years for the Bank of Canada starting in 2026-27, with about $5 million a year afterwards to be recovered from issuers.

See the full infographic with notes.

What the framework is designed to require

Finance Canada’s page on Canada’s stablecoin framework (updated 2026-03-31) describes the intended rules for issuers of fiat-backed stablecoins:

• A 1:1 reserve of high-quality liquid assets in the reference currency.
• Redemption at par, meaning one token can be redeemed for one unit of the currency it tracks.
• No interest or yield paid by issuers, and no claiming that a stablecoin is legal tender, a deposit or insured.
• Anti-money-laundering and anti-terrorist-financing rules apply.
• The Bank of Canada supervises issuers that are not already regulated financial institutions.

The Bank of Canada describes its role as administering Canada’s framework for fiat-backed stablecoins and supervising stablecoin issuers, with Finance Canada leading on the regulations. Finance said regulations were expected over 12 to 18 months from early 2026.

These are rules for issuers. The framework is about the company that creates and redeems a stablecoin, not about what you do with the token afterwards.

The proposed regulations

On 2026-10-24, the government published proposed Stablecoin Regulations in the Canada Gazette, Part I, Vol. 160, No. 43. Publication in Part I is the consultation stage: the text can change before final regulations are made and published.

We are not summarizing specific numbers from the proposal here, because we have not yet verified the full text against our notes. If a detail matters to you, such as redemption timing, fees or reporting, read the Gazette notice itself and check whether a final version has since been published.

How this fits with the platform rules you see today

Two separate tracks apply to stablecoins in Canada, and it helps to keep them apart.

• Securities track (in force now): provincial and territorial regulators, through the CSA, decide which stablecoins registered platforms may offer. After 2024-12-31, platforms may only offer stablecoins that meet the terms in their decisions or undertakings, such as reserves held with a qualified custodian and public disclosure.
• Federal issuer track (not in force): the Stablecoin Act will regulate issuers of fiat-backed stablecoins once it comes into force, with the Bank of Canada as supervisor.

How the two tracks will work together once the Act is in force is something to watch as final regulations are published. Don’t assume that a stablecoin listed on a Canadian platform today is, or will be, regulated under the Stablecoin Act.

What it means if you hold stablecoins today

In practical terms, very little has changed for you yet. Stablecoins are still crypto assets, and your protections depend on where you hold them and who issued them.

CDIC states plainly that cryptocurrencies, including stablecoins, are not covered by deposit insurance. Read CDIC and crypto for the full picture.

What it doesn’t mean

Stablecoins can also lose their peg. The TerraUSD (UST) algorithmic stablecoin lost its peg in May 2022. Fiat-backed designs work differently, but they still depend on the issuer’s reserves, banking arrangements and redemption process. Our stablecoin depeg risk page covers what can go wrong.

Your checklist

• Check the Justice Laws page for whether the Stablecoin Act is in force yet.
• Look for a final version of the regulations in the Canada Gazette, Part II.
• Know which issuer stands behind each stablecoin you hold and how redemption works.
• Don’t treat any stablecoin as insured or as a deposit.
• If you are offered yield on a stablecoin, find out exactly where it comes from.

Sources and dates

• Budget 2025, Chapter 1 (stablecoin legislation announced) — Government of Canadareference
  Page date 2025-11-04 · checked 2026-10-30. Announced legislation to regulate fiat-backed stablecoin issuance, administered by the Bank of Canada.
• LEGISinfo — Bill C-15, Budget 2025 Implementation Act, No. 1 — Parliament of Canadain force
  Page date 2026-03-26 · checked 2026-10-30. Royal Assent 2026-03-26; enacts the Stablecoin Act.
• Stablecoin Act (S.C. 2026, c. 3, s. 600) — Justice Laws Websiteproposed
  Page date 2026-09-30 · checked 2026-10-30. Enacted but marked 'Act not in force'; comes into force on a day fixed by order.
• Canada's Stablecoin Framework — Department of Finance Canadaproposed
  Page date 2026-03-31 · checked 2026-10-30. 1:1 high-quality liquid reserves, at-par redemption, no interest/yield, Bank of Canada supervision; expected in force in 2027.
• Stablecoins — regulatory oversight — Bank of Canadareference
  No date shown on page · checked 2026-10-30. The Bank administers the fiat-backed stablecoin framework and supervises issuers.
• Proposed Stablecoin Regulations — Canada Gazette, Part I, Vol. 160, No. 43 — Canada Gazetteproposed
  Page date 2026-10-24 · checked 2026-10-30. Proposed regulations under the Stablecoin Act, published for consultation.
• CSA clarifies interim approach to value-referenced crypto assets (Staff Notice 21-333) — Canadian Securities Administratorsin force
  Page date 2023-10-05 · checked 2026-10-30. Terms for stablecoins (VRCAs) on platforms: reserves with a qualified custodian, public disclosure.
• CSA update to crypto asset trading platforms about value-referenced crypto assets — Canadian Securities Administratorsin force
  Page date 2024-09-26 · checked 2026-10-30. After December 31, 2024, platforms may only offer stablecoins that meet their decision terms; stablecoins lack deposit protections.
• What's covered — Canada Deposit Insurance Corporationin force
  No date shown on page · checked 2026-10-30. Up to $100,000 per category per member institution; cryptocurrencies, including stablecoins, are not covered.
• Stablecoins — ethereum.orgreference
  No date shown on page · checked 2026-10-31. Fiat-backed, crypto-backed and algorithmic stablecoin designs.