It’s hard to believe, but for much of 2025, Canada operated without a budget after its new Prime Minister, Mark Carney, narrowly won a tightly contested election at the end of April. Then, finally on Tuesday, Carney’s Liberals, dubbed the “most expensive government” in Canadian history by Conservative Party leader Pierre Poilievre, unveiled its financial plan, dubbed “Budget 2025,” and surprisingly, it contains a small section on “creating a regulated space for stablecoins.”

The Trump administration became the first government to enact stablecoin legislation with the passage of the GENIUS Act by Congress at the end of July. “This afternoon we take a giant step to cement American dominance of global finance and crypto technology as we sign the landmark GENIUS Act into law,” Trump declared. The stablecoin market has since ballooned to a $300 billion market capitalization.

And now Carney, a seasoned central banker and big believer in central bank digital currencies (CBDCs), has surprisingly taken a page out of Trump’s playbook and announced that his new budget will earmark millions in funding to jumpstart the crafting of U.S.-style stablecoin legislation as part of Carney’s efforts to foster innovation and global competitiveness.

“Budget 2025 introduces a new federal framework to regulate the issuance of fiat-backed stablecoins,” the document reads. “Regulating stablecoin issuance will benefit all Canadians by ensuring that stablecoins are backed by quality reserves, with appropriate redemption policies established and appropriate safeguards for data security and risk management.”

• What does Canada’s 2025 budget say about crypto?
  It quietly allocates new funding to develop a federal framework for regulating fiat-backed stablecoins.
• Why is this move significant?
  It mirrors the U.S. GENIUS Act signed by Trump in July, marking Canada’s first real step toward national stablecoin oversight.
• Who’s behind the initiative?
  Prime Minister Mark Carney, a former central banker and CBDC advocate, is driving the plan to boost innovation and competitiveness.
• What happens next in Parliament?
  The budget still faces a confidence vote—if it fails, Canada could be headed for another federal election.

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