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ARTICLE · 06 DECEMBER 2024

USDC Is First VRCA (Stablecoin) To Meet New CSA Requirements

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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In a milestone Canadian achievement, Circle Internet Financial, LLC (Circle Internet) is the first issuer of a value-referenced crypto asset (VRCA, also known as a "stablecoin")...

CanadaTechnology
Carol Derk
Carol Derk
Julie Mansi
Julie Mansi
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Circle Internet's USDC

In a milestone Canadian achievement, Circle Internet Financial, LLC (Circle Internet) is the first issuer of a value-referenced crypto asset (VRCA, also known as a "stablecoin") to file an undertaking with the Canadian Securities Administrators (CSA) in respect of USDC, its U.S. dollar-referenced VRCA. BLG is proud to have partnered with Circle Internet on this project.

USDC is a VRCA that references, on a one-for-one basis, the value of the United States dollar. Circle Internet maintains a reserve of assets that is at least equal to the value of the outstanding units of USDC. This reserve of assets supports a USDC account holder's redemption right. Most Canadian investors, however, will buy and sell USDC on a registered crypto asset trading platform (CTP) and will not have accounts directly with Circle Internet.

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