Bank of Canada: Stablecoins are gradually becoming mainstream, and a unified federal regulatory framework needs to be established.

Odaily News Ron Morrow, Deputy Governor of the Bank of Canada, stated that stablecoins are gradually becoming mainstream in cross-border payments and daily transactions. Canada needs to establish a unified federal regulatory framework to avoid falling behind countries like the U.S. and the U.K. in payment modernization. He pointed out that the current provincial regulations are severely fragmented and called for accelerating the formulation of regulations to ensure the safety of the financial system. Currently, cross-border remittance costs in Canada are as high as 5-10%, while stablecoins can drop this to less than 1%. (Decrypt)