Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 03 OCTOBER 2018

U.S. Regulatory Approval Received For Two U.S. Dollar-Pegged "Stablecoins"

McCarthy Tétrault
McCarthy Tétrault
Contributor
McCarthy Tétrault

McCarthy Tétrault

Built on a unique model of collaboration, innovation and efficiency, McCarthy Tétrault delivers...

View firm profile
Explore more from McCarthy Tétrault

On September 10, 2018, the New York State Department of Financial Services ("NYDFS") announced its approval of two "stablecoins": the Gemini Dollar offered by Gemini Trust Company LLC ("Gemini")...

CanadaTechnology
SnIP/ITs Blog
SnIP/ITs Blog
Simon Cameron
Simon Cameron
Dean Masse
Dean Masse
Shauvik Shah
Shauvik Shah
Drew Wong
Drew Wong
Author LinkedIn connections

On September 10, 2018, the New York State Department of Financial Services ("NYDFS") announced its approval of two "stablecoins": the Gemini Dollar offered by Gemini Trust Company LLC ("Gemini") and the Paxos Standard offered by Paxos Trust Company LLC ("Paxos").

What Are Stablecoins?

Stablecoins are crypto assets that peg their value against a perceived stable asset (e.g., fiat currencies, gold or silver) with the intent of reducing the price volatility that conventional cryptocurrencies, such as Bitcoin, may experience.  The value of the Gemini Dollar and the Paxos Standard is pegged to the U.S. dollar.

Conditions For Regulatory Approval

NYDFS regulatory approval for the Gemini Dollar and the Paxos Standard was contingent on Gemini and Paxos each meeting certain requirements designed to protect consumers and prevent the use of the Gemini Dollar and the Paxos Standard from being used for money laundering or terrorist financing.  These requirements include:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Canada’s 2026 AI Strategy: What Businesses Need To Know

Canada's National Artificial Intelligence Strategy marks a significant shift in federal AI policy, moving away from standalone legislation toward a comprehensive framework that emphasizes privacy reform, data sovereignty, and business adoption. The Strategy outlines six interconnected pillars designed to position Canada as a global AI leader while addressing regulatory gaps through existing legal frameworks and new policy tools.
CanadaTechnology
Aird & Berlis LLP
Aird & Berlis LLP
Article

Gloves Off: Canada Answers U.S. Section 338 Tariffs Dollar-for-Dollar As Washington Escalates With Import Bans

Canada and the United States have entered a new phase of trade conflict, with Canada implementing retaliatory surtaxes on C$27.6 billion of U.S. goods while the United States escalates beyond tariffs to outright import prohibitions on Canadian alcohol, dairy products, and motorcycles. The dispute now extends into government procurement policy, raising questions about compliance strategies and supply chain restructuring as both nations tighten customs enforcement.
CanadaInternational Law
McCarthy Tétrault
McCarthy Tétrault
Article

Federal Government Removes Certain Energy Projects From The Impact Assessment Act Project List

The Canadian government has removed seven types of energy projects from federal impact assessment requirements, shifting review responsibilities to the Canada Energy Regulator and provincial processes. This regulatory change affects pipelines, electrical transmission lines, oil sands facilities, and power plants, fundamentally altering how major energy infrastructure projects will be evaluated and approved across Canada.
CanadaEnvironment
McCarthy Tétrault
McCarthy Tétrault
Article

Canada Commits To Airport Privatization Through Long-Term Concessions For Its Four Largest Airports

The Canadian federal government has announced a firm commitment to privatize operations at the country's four largest airports through long-term concessions, marking a decisive shift from earlier exploratory discussions. Prime Minister Mark Carney revealed that while the government will retain ownership of airport lands and assets following the Australian leased-airport model, private investment will be sought to operate Toronto Pearson, Vancouver, Montreal-Trudeau, and Calgary international airports.
CanadaTransport
McCarthy Tétrault
McCarthy Tétrault
Article

FITAA Is Now In Force: What Organizations Need To Know About Canada's New Foreign Influence Registry

Canada's Foreign Influence Transparency and Accountability Act (FITAA) establishes a comprehensive registration regime for arrangements with foreign principals involving influence activities related to Canadian political or governmental processes. Organizations across sectors—including businesses, NGOs, universities, and industry associations—must assess whether their existing or proposed arrangements trigger registration obligations, with significant administrative and criminal penalties for no
CanadaInternational Law
McCarthy Tétrault
McCarthy Tétrault
Article

Changing Lanes: Canada Proposes To Replace Its ZEV Sales Mandate With Technology-neutral Emission Standards

Canada is proposing to eliminate its federal zero-emission vehicle sales mandate and replace it with technology-neutral greenhouse gas emission standards. The shift comes amid declining EV sales, affordability concerns, and trade uncertainty with the United States, raising questions about how the automotive industry will balance climate goals with market realities. What will this regulatory transformation mean for manufacturers, consumers, and Canada's electrification timeline?
CanadaEnvironment
McCarthy Tétrault
McCarthy Tétrault