Canadian Crypto Firms Struggle to Create First Local Stablecoin

While the US Senate advanced far-reaching stablecoin legislation, Canadian companies are pushing to get even the most basic stablecoin products available for users in the country.

A Toronto-based startup backed by Coinbase Global Inc. made a filing with regulators this month asking for approval to create the first publicly-available stablecoin backed by the Canadian dollar. The company, Stablecorp Digital Currencies Inc., asked the Ontario Securities Commission to approve its QCAD product a month after announcing backing from Coinbase Ventures.

The QCAD effort, though, has been in the works for five years and it has run up against the same ...