Canada’s detailed stablecoin regulations are now expected in mid- to late 2027, according to Reuters, extending uncertainty around the country’s broader 2027 framework for fiat-backed stablecoins. At the same time, Visa Canada and Wealthsimple have launched a pilot that lets Wealthsimple use USDC to satisfy certain Visa Canada settlement obligations, giving Canada a live institutional stablecoin use case before the issuer rulebook is finalized. Canada’s framework is aimed at fiat-backed stablecoins issued by non-financial institutions and is expected to require Bank of Canada supervision, registration, one-to-one reserves in high-quality liquid assets, at-par redemption, governance and risk controls, and a ban on offering interest or yield to holders. The framework applies to domestic and foreign issuers making fiat-backed stablecoins available to Canadians directly or indirectly.