Circle announced this week that USDC became the first stablecoin to gain compliance with new Canadian digital asset regulations.

Canada’s new regulations call for delisting noncompliant stablecoins after December 31st.

Circle’s compliance means USDC, which aims to maintain a 1:1 peg with the US dollar, can trade on crypto exchanges in the Canadian market, according to a new press release.

Dante Disparte, chief strategy officer and head of global policy at Circle, says the new development underscores the stablecoin issuer’s regulatory efforts.

“The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.”

The announcement comes as Circle launched a new wave of layoffs, Bloomberg reports. A company spokesperson tells the news outlet the downsizing was routine and represented less than 6% of the firm’s workforce.

“Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.”

This summer, USDC and Circle’s euro-pegged stablecoin EURC also achieved compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations.

MiCA is upcoming EU legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets.

The law includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing, and it places stablecoin issuers under the European Banking Authority while requiring them to hold sufficient liquid reserves.

It’s also scheduled to take effect in December 2024.

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Circle plans to bolster its presence in Southeast Asia, with Hong Kong’s stablecoin roadmap incentivizing the firm’s proposed business expansion.

Circle, the world’s second-largest stablecoin issuer USDC (USDC), intends to hire more employees in Hong Kong and establish additional business relationships in the region, according to local media reports on Nov. 4.

Circle’s operator reportedly views Hong Kong as a key market for stablecoins. This news aligns with previous coverage from crypto.news, which quoted Circle CEO Jeremy Allaire’s remarks on Hong Kong’s upcoming stablecoin strategy.

In late October, Allaire stated that USDC and other stablecoins play a vital role in Hong Kong’s trading practices. These comments followed a July consultation paper from the Hong Kong Monetary Authority (HKMA) concerning a stablecoin framework.

The HKMA aims to implement clear regulations and standards for stablecoins by 2025, integrating these fiat-pegged cryptocurrencies into the region’s financial system.

Local companies have already embraced stablecoins ahead of formal regulatory guidelines. First Digital Trust activated its FDUSD token on Solana last month, adding to existing support on BNB Chain and Ethereum.

Hong Kong has emerged as one of Asia’s leading crypto-friendly jurisdictions despite close ties to China, an anti-Bitcoin (BTC) nation. Some experts suggest that Hong Kong acts as an extension of China’s financial ecosystem, providing a space for crypto and other innovations.

In Circle-related updates, the USDC issuer published a whitepaper for its Confidential ERC-20 standard. The company stated that the new token design aims to preserve user privacy while enhancing regulatory compliance at the smart contract level.

Circle also relocated its global headquarters to New York, with plans to launch an initial public offering and list its shares on Wall Street.

Asset management titan BlackRock is reportedly in talks with numerous crypto exchange platforms about using its proprietary token BUIDL as collateral for derivatives contracts.

According to a new report by Bloomberg, anonymous people familiar with the matter say the world’s largest asset manager is exploring the idea of utilizing BUIDL – the crypto asset related to the firm’s tokenized mutual fund – as collateral for trading derivatives contracts.

BUIDL, which launched in March of this year and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money-market fund designed to offer a stable value of $1 per token built on the Ethereum (ETH) blockchain that offers blue-chip traders yields.

Bloomberg says the crypto exchanges BlackRock is in talks with include Binance, the world’s largest crypto exchange by volume, as well as OKX and Deribit.

Previously, it was reported that the fund invests in cash, US Treasury Bills, and repurchase agreements and sends dividends directly to investors’ wallets as new tokens every month.

As stated by Robert Mitchnick, BlackRock’s head of digital assets, in a press release issued by Securitize, BlackRock’s brokerage partner,

“[BUIDL] is the latest progression of our digital assets strategy. We are focused on developing solutions in the digital assets space that help solve real problems for our clients.”

In April, stablecoin issuer Circle launched a new smart contract function that permits holders of BUIDL to convert their tokens into USDC. At the time, Circle chief executive Jeremy Allaire said that the new functionality would allow “investors to move out of tokenized assets at speed, lowering costs and removing friction.”

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