Apr 2, 2026
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Sending money internationally from Canada is slow and expensive — just ask the more than 11 million non-Canadian born residents who make up approximately 27% of the nation’s population (1). An international wire transfer can take two to five business days and cost anywhere from $15 to $50 per transaction, depending on your bank. Now, a new federal law — and a quiet partnership between two financial heavyweights — just took the first concrete steps toward changing both the cost and the time it takes to send money worldwide.
On March 26, 2026, Bill C-15, the Budget Implementation Act, received Royal Assent, bringing Canada's first national regulatory framework for stablecoins into law. Days earlier, Deloitte Canada and Toronto-based fintech Stablecorp announced they would build stablecoin infrastructure for Canadian financial institutions — the first institutional-grade infrastructure of its kind in the country (2).
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Right now, changes are happening behind the scenes at the bank level, but if the rollout goes as planned, Canadians could see faster, cheaper payments — including international transfers — built directly into their banking apps within the next year or two.
What is a stablecoin and why should Canadians care?
A stablecoin is a digital currency designed to hold a steady value pegged 1:1 to a fiat currency — in this case, the Canadian dollar.
Unlike Bitcoin or Ethereum, its value doesn't swing wildly from day to day. Think of it as a digital version of a loonie that can move across a blockchain instantly, around the clock.
As a blockchain-based digital asset, the stability of stablecoins depends on a reserve of cash or cash-like assets maintained by the issuer. This is what the Deloitte–Stablecorp collaboration aims to create — QCAD, Canada's first compliant Canadian dollar stablecoin (3).
Both firms say the infrastructure could support around-the-clock payments, faster settlement, better transparency and new products built on tokenized infrastructure.
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What Canada’s new stablecoin law actually requires
The Stablecoin Act requires issuers to register with the Bank of Canada, maintain a 1:1 reserve of highly liquid assets with a qualified custodian, comply with reporting and verification requirements and offer at-par redemption (4).
In other words, every QCAD in circulation must be backed by a real Canadian dollar held in reserve by the issuer. The Bank of Canada will administer the framework and supervise stablecoin issuers, and the stablecoin framework is expected to become active in 2027 (5).
How Canadians already use stablecoins
Whether you realize it or not, Canadians are already using stablecoins. Any Canadian investor who invests or trades in cryptocurrency uses fiat-backed stablecoins as a store of value when trading cryptocurrencies. In this situation, the stablecoin is used as a bridge between the traditional fiat currency system and the digital asset space.
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Now, with Canada's new stablecoin framework, Canadians will be able to feel more confident using fiat-backed stablecoins for payment purposes, such as sending money abroad.
What this means for your bank account
The Deloitte–Stablecorp partnership is institutional, for now. That means your bank isn't launching a QCAD wallet next week. Plus, Royal Assent for the stablecoin law isn’t expected for another six to 12 months, with an additional 12 to 18 months for the full registration and compliance framework — making 2027 the most likely implementation timeline for the release of QCAD (and any other approved stablecoins) available for use by Canadians.
The adoption and use of stablecoin also depends on quickly major banks adopt the infrastructure.
The areas most likely to see near-term benefit are international money transfers, where fees and settlement delays are highest, and business-to-business payments that currently require same-business-day cutoffs.
Consumer protection is a factor
The consumer protection side of the law also matters. Stablecoin issuers must maintain fully segregated reserves and offer redemption at par value — meaning that if you hold QCAD through a bank product, your dollar stays a dollar. Reserves must be segregated from issuer and custodian property and while also being legally protected from creditor claims if the issuer becomes insolvent.
Read more: The ultra-rich are bailing on volatile stocks right now — these 4 shockproof assets are their new safe havens
What to watch for next
The framework is now law, but the details are still being drafted. The Department of Finance, working closely with the Bank of Canada, will begin regulatory development once the legislation has received Royal Assent, with draft regulations to be published in the Canada Gazette for consultations before being finalized (6).
If your bank launches a stablecoin-backed payment product before those regulations are fully in place, read the fine print carefully, particularly around how your funds are held and whether redemption is guaranteed.
For now, the most practical step is to monitor your bank's announcements over the next 12 months. The infrastructure is being built. The law is on the books. What comes next depends on how fast Canada's financial institutions are willing to move.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Statistics Canada (1); Deloitte Canada (2, 3); Segev LLP (4, 5); Department of Finance Canada (6)
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Romana King is the Senior Editor at Money.ca. She writes for various publications, and her book -- House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth -- continues to be an Amazon bestseller. Since its publication in November 2021, this book has won five awards, including the New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award in 2022.
