Canada Accelerates Work on Stablecoin Rules as US Speeds Ahead

Canada is consulting on rules for stablecoins and may announce a major update in the federal budget next week, according to people familiar with the matter.

Government officials have been having detailed discussions with regulators and industry participants for weeks, the people said, asking not to be named because the discussions are private. They have indicated they are working toward addressing the issue in budget documents that Finance Minister François-Philippe Champagne will unveil on Nov. 4, the people said.

Stablecoins are cryptocurrencies that are pegged to fiat currencies such as the US dollar to maintain their value, mitigating the volatility ...