Exchange Pushes for Regulatory Clarity Amid Growing Demand for Instant, Borderless Payments
Coinbase has announced an investment in Canadian stablecoin issuer Stablecorp, aiming to boost adoption of the QCAD stablecoin and expand access to digital Canadian dollars.
In an exclusive May 13 interview with Cointelegraph at the Blockchain Futurist Conference in Toronto, Coinbase Canada CEO Lucas Matheson revealed the exchange’s latest strategic move into the Canadian market, though the investment amount remains undisclosed.
“It’s really important that we have a stablecoin for Canadians,” said Matheson.
“Canada has no peer-to-peer rail, and wire transfers cost $45 and take 45 minutes of paperwork.”
QCAD Stablecoin Gains Coinbase Backing
QCAD, Stablecorp’s fiat-backed Canadian dollar stablecoin, is designed to facilitate 24/7, borderless payments for Canadians using blockchain rails. However, despite being on the market since 2020, QCAD has seen limited adoption.
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As of July 2024, only about $175,000 worth of QCAD was in circulation
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By comparison, global stablecoin market cap sits at $245 billion, mostly composed of USDT and USDC
Coinbase’s partnership with Stablecorp includes marketing and ecosystem development support, aiming to position QCAD as a viable Canadian payment instrument.
Regulatory Barriers Still Stall Growth
In a March 26 blog post, Coinbase noted that Canada lacks a regulatory framework conducive to fiat-backed stablecoins, which are still classified under securities regulations in the country — a designation Coinbase says is outdated.
“We need to start treating stablecoins as payment instruments, not securities,” the company wrote.
In contrast, U.S. regulators under the SEC stated in April 2025 that stablecoins used solely for payments do not constitute securities, providing more clarity for U.S.-based issuers.
Matheson called on Prime Minister Mark Carney’s newly elected administration to develop a national digital asset strategy.
“Crypto is strategic,” Matheson said. “We hope this new administration sees that.”
Carney, a former central banker with a history of skepticism toward cryptocurrency, took office in April 2025, and his stance may prove pivotal to Canada’s digital asset future.
Final Thoughts: Coinbase Bets on Canadian Stablecoin Potential
Coinbase’s investment in Stablecorp marks a significant signal of intent to expand its footprint in Canada’s crypto payments sector. With QCAD adoption still modest, the exchange’s backing may provide the momentum needed to bring blockchain-based Canadian dollar payments into the mainstream.
However, without regulatory reform, the full potential of QCAD and other stablecoins in Canada may remain untapped — something Coinbase hopes to change through ongoing policy engagement and a national digital asset strategy.
