Ethereum is doubling down on security as tokenized real-world assets gain traction across global markets. On May 14, the Ethereum (ETH) Foundation announced the launch of an initiative called “One Trillion Security”, which aims to make the network resilient enough…

Ethereum unveils “trillion-dollar security” plan amid tokenization boom

Coinsilium Group Limited, a U.K.-based company focused on web3 investing and 
advisory services, has raised £1.25 million in an initiative aimed at funding 
its adoption of a Bitcoin treasury strategy. The company announced the 
fundraising goal on May 15. Per…

Coinsilium raises £1.25m to fund its Bitcoin treasury strategy

Data shows that Ripple’s stablecoin RLUSD has crossed the 300 million 
threshold in total issuance. By the close of April, RLUSD’s circulating supply 
expanded from 294 million to its present total of 312 million coins. RLUSD 
Supply Jumps Past 300M Coins Ripple’s dollar-linked stablecoin RLUSD has 
expanded its supply by 61.66% since March 31. Following […]

Ripple’s RLUSD Stablecoin Climbs to 312 Million Tokens, but 70% Is Held by Just 10 Wallets

The revised GENIUS Act could reshape the stablecoin landscape, enhancing 
regulatory oversight and consumer protection in digital finance.
The post Meta, Amazon, Google and Microsoft could issue stablecoins once they 
meet strict safeguards under the revised GENIUS Act appeared first on Crypto 
Briefing.

Meta, Amazon, Google and Microsoft could issue stablecoins once they meet strict safeguards under the revised GENIUS Act

What do the latest France crypto kidnapping cases say about how wealth, risk, 
and reality now collide? France crypto kidnapping goes beyond cybercrime In 
recent months, a concerning trend has been unfolding in France. Several 
individuals linked to the crypto…

Why France is suddenly the world’s epicenter for “crypto kidnappings”

The slow adoption of stablecoins in Canada has some local crypto industry 
observers concerned that the country is falling behind.
The Canadian Securities Administrators (CSA) classified stablecoins as 
&#8220;securities and/or derivatives&#8221; in December 2022 after the FTX debacle that 
shook markets and turned many lawmakers against the crypto industry.
Regulating stablecoins as a security has seen few local stablecoin issuers 
arise, but in the United States and the European Union, softening regulations 
have seen significant growth in the stablecoin market. This makes Canada, 
observers say, less competitive with other jurisdictions.
Of particular concern is the perceived gap in peer-to-peer (P2P) payments in 
Canada, which stablecoins are uniquely qualified to fill.
_Stablecoins globally have grown significantly over the last five years. 
Source:__DefiLlama_
## Local law constrains stablecoin growth and threatens dollar
In 2022, as the crypto market reeled from the collapse of FTX and the 
implosion of the Terra stablecoin system, regulators worldwide began to look 
more critically at the crypto space.
In Canada, the CSA updated regulations for crypto exchanges and brought 
stablecoins under its purview, classifying them as securities/derivatives. 
This hasn&#8217;t been a popular decision with Canada&#8217;s crypto industry.
Morva Rohani, founding managing director of the Canadian Web3 Council, told 
Cointelegraph that the CSA&#8217;s case-by-case basis for considering stablecoin 
issuers and the lack of a federal framework make for a &#8220;patchwork&#8221; regulatory 
regime.
&#8220;Canada&#8217;s reliance on securities law to regulate payment stablecoins 
introduces significant legal and operational uncertainty,&#8221; she said.
Tanim Rasul, chief operating officer of Canadian crypto exchange NDAX, said 
that the CSA &#8220;got it wrong,&#8221; stating that other regulatory frameworks, like 
the EU&#8217;s Markets in Crypto-Assets (MiCA) law, were more appropriate.
&#8220;I would just say, look at MiCA, look at the way they&#8217;re approaching 
stablecoins. It&#8217;s a payment instrument. It should be regulated as such,&#8221; he 
told a crowd at the Blockchain Futurist Conference in Toronto on May 13.
It&#8217;s not just the EU. Singapore and the UAE have also introduced regulatory 
frameworks for stablecoins, and US senators are optimistic they will pass a 
stablecoin law by May 26.
_**Related:**__**What are the next steps for the US stablecoin bill?**_
Rohani said Canada is &#8220;out of step with leading global jurisdictions [&#8230;] 
which have adopted tailored, prudential frameworks that recognize stablecoins 
as payment instruments.&#8221;
This lack of alignment with other, more pro-stablecoin jurisdictions could 
have negative effects for the Canadian dollar (CAD), some worry.
Som Seif, founder of Canadian investment firm Purpose Financial, said that the 
proliferation of other major stablecoins, mostly denominated in the US dollar, 
could threaten the use of the loonie (a nickname for the Canadian dollar) at 
home.
&#8220;If Canada does not create the regulatory framework and environment that 
encourages the development of CAD stablecoins, consumers and businesses will 
default to using USD-pegged alternatives, eroding the relevance of CAD in 
global markets,&#8221; he said.
## Stablecoins provide cheaper P2P payments but reputation is also a roadblock
Members of the Canadian crypto industry have stated that stablecoins have a 
role to play in the country as well, given the purported lack of P2P payment 
networks available in the country.
Speaking to Cointelegraph on May 13, Coinbase Canada CEO Lucas Matheson said, 
&#8220;It&#8217;s really important that we have a stablecoin for Canadians.&#8221; He said that 
the only options currently open were wire transfers, which &#8220;cost $45 and take 
45 minutes of paperwork.&#8221;
Rohani said that Interac e-Transfer, a Canadian funds transfer service, 
&#8220;remains the primary domestic P2P rail, operating through banks and credit 
unions.&#8221;
_**Related:**__**Stablecoins seen as ideal fit for real-time collateral 
management**_
Canada does have apps like PayPal and Wise, which support international P2P 
transfers, but those often come with high commissions and slow settlement 
times compared to stablecoins.
Rohani said that while some crypto platforms allow for P2P transfers, they&#8217;re 
not widely used due to a lack of integration into mainstream financial 
services.
Demand for more and different digital payment methods is growing in Canada, 
according to the 2024 digital payments report from Payments Canada, the owner 
and operator of Canada&#8217;s payment clearing and settlement infrastructure.
But that demand may not translate directly into stablecoins. Crypto&#8217;s &#8220;journey 
towards financial integration among Canadians remains a distant prospect,&#8221; the 
report reads. Some 91% of Canadians have never used crypto as a payment.
_Ease of use and security were top priorities for international payment users. 
Source: Payments Canada_
Payments Canada attributes the lack of interest to the assets being perceived 
as the &#8220;least secure payment method among Canadians compared to alternatives 
such as cash, credit cards, cheques, wire transfers and PayPal.&#8221;
Even in the context of a central bank digital currency, which the crypto 
industry generally regards as a less favorable option to private, fiat- 
denominated stablecoins, interest just isn&#8217;t there. The survey found that 85% 
of respondents &#8220;did not envision themselves using a digital Canadian dollar 
and preferred their existing payment methods.&#8221;
## Is PM Carney pro-crypto?
If more tailor-made regulations could integrate stablecoins with the 
mainstream payment options Canadians are comfortable with, it would still take 
a concerted effort from policymakers in Ottawa, where the Liberals have just 
won the federal elections.
The crypto industry had cause for doubt. Liberal Prime Minister Mark Carney 
has previously expressed skepticism about cryptocurrency. In a speech as 
Governor of the Bank of England, he said they had failed as money.
Still, he acknowledged stablecoins have a role to play in retail and wholesale 
payments. He said in 2021 that stablecoins should have access to central bank 
balance sheets &#8212; but only if strong protections were in place.
&#8220;There&#8217;s been two systemic crises in money funds in little more than a decade 
[&#8230;] In baseball, it&#8217;s three strikes and you&#8217;re out. In cricket, it&#8217;s only 
the equivalent of one. For systemic payment systems, one is too many,&#8221; Carney 
stated.
Kohani said, &#8220;With Mark Carney at the helm of the Liberal Party, we anticipate 
a pragmatic but regulation-first approach to crypto and stablecoins.&#8221;
While his previous openness toward stablecoins suggests he&#8217;s open to the 
technology, he also &#8220;emphasizes the need for regulation, oversight and 
safeguards.&#8221;
Another Liberal term, per Kohani, will likely mean the CSA continues to lead 
enforcement but could result in broader policy work, including a framework on 
stablecoins, &#8220;particularly if positioned as a tool for payments modernization 
and maintaining the relevance of the Canadian dollar.&#8221; 
_**Magazine:**__**Danger signs for Bitcoin as retail abandons it to 
institutions: Sky Wee**_