The Bank of Canada has released its criteria for classifying stablecoins as "premium currencies".

PANews reported on December 17th, citing Cointelegraph, that the Bank of Canada has stated it will only approve high-quality stablecoins pegged to the central bank's currency, in accordance with the country's upcoming stablecoin regulations expected in 2026, to ensure stablecoins become "premium money." Bank of Canada Governor Tiff Macklem stated on Tuesday in a speech to the Montreal Chamber of Commerce, "We want stablecoins to be premium money, like paper money or bank deposits." Macklem hopes stablecoins will be pegged 1:1 to the central bank's currency and backed by "high-quality liquid assets" that can be easily converted into cash. These assets typically include government bonds and treasury bonds.

Macklem's remarks came after Canada released its lengthy 2025 budget report in early November. The report stated that stablecoin issuers would be required to hold adequate reserves, develop redemption policies, and implement various risk management frameworks, including measures to protect personal and financial data.