CCUA met with Finance Canada officials to discuss the federal government’s stablecoin framework as well as the credit union sector’s perspective on digital asset policy.  

The October 23 discussion with the Financial Sector Policy Branch and digital assets team allowed CCUA to reinforce priorities previously shared with the Minister of Finance and his department, including the importance of ensuring that Canada’s evolving digital asset framework supports meaningful participation by credit unions.  

CCUA emphasized the need to ensure credit unions have access to and a role in the governance of emerging industry-wide financial infrastructure initiatives, such as the recently announced tokenized deposit collaboration between Canada’s six largest banks. If tokenized deposits become a significant payments rail or critical component of Canada’s financial infrastructure, it is vital that domestic infrastructure is not controlled solely by the country’s largest banks.  

Ensuring credit unions can participate in new financial infrastructure will help maintain a competitive, inclusive and resilient financial system while ensuring that the benefits of innovation are available to credit unions and their members across Canada.  

Officials expressed interest in continuing to engage with the credit union sector as its digital asset policy work evolves. CCUA will continue working with the department and our members to ensure the sector’s perspectives are well represented as the government develops its approach to stablecoins, tokenized deposits and other emerging digital asset issues.  

Stablecoin regulations open for consultation  

On October 23, the Department of Finance launched a 60-day consultation period on proposed Stablecoin Regulations to end on December 23, 2026. The proposed regulations support the federal framework for regulating the issuance of fiat-backed stablecoins in Canada under the Stablecoin Act. 

CCUA is currently reviewing the proposed regulations and intends to respond. In the coming weeks, CCUA will share a draft response outline with members for feedback, helping to ensure the credit union sector’s perspectives are reflected in our submission.  

Members who would like to share their perspectives or identify issues for CCUA to consider before the draft is circulated are encouraged to contact Rhys McKendry (rmckendry@ccua.com).