Wu said that the Canadian Department of Finance has officially announced a regulatory framework for stablecoins, which has been introduced through the "2025 Budget Implementation Act" along with the "Stablecoin Act." Under the framework, issuers of fiat-backed stablecoins targeting Canadian users must register with the Bank of Canada and undergo ongoing prudent regulation; issuers are required to maintain a 1:1 high-quality liquid asset reserve, provide a redemption mechanism at face value, and establish corporate governance, risk management, and data security systems. The new regulations apply to both domestic and foreign non-financial institution issuers and are expected to come into effect in 2027.