Latest news with #LucasMatheson
Calgary Herald
10-07-2025
- Business
- Calgary Herald
'Canada's quite behind' on cryptocurrency, argues Coinbase Canada CEO
Lucas Matheson, CEO of Coinbase Canada, in downtown Calgary on Thursday. Steven Wilhelm/Postmedia As global institutions embrace cryptocurrency, Canada is at a regulatory crossroads, according to the top executive at Coinbase Canada. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Cryptocurrency is being adopted by the most powerful governments in the world, and embraced at a pace never seen before — faster than the internet, said Coinbase Canada CEO Lucas Matheson. About five million Canadians own cryptocurrency, along with hundreds of millions of people around the world, according to Matheson. However, Canada has historically been cautious in embracing change, he said. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'Canada's quite behind relative to the rest of the world, and the reason is . . . we have not had federal leadership around this asset class,' he told Postmedia in a Thursday interview. Matheson is optimistic about Prime Minister Mark Carney's cabinet's 'willingness to engage in conversations, to embrace technology, and help this country.' Coinbase is an online platform for buying, selling and managing cryptocurrency. The company has over 300 employees across Canada, with offices in Toronto and Vancouver. 'We expect our government to take technology seriously, to take the future seriously, and to take the financial wealth of Canadians seriously,' said Matheson. Putting a federal minister in charge of the crypto industry, responsible for coordinating a strategy across the government, is among the asks. 'We're also asking for a task force to organize across the governments, into provincial and federal and industry, to define a clear path for Canada,' he said. They're also seeking 'clear rules' for stablecoins, forms of cryptocurrency that tie their value to an external reference such as another currency or a commodity. Since their inception, many cryptocurrencies, such as the well-known Bitcoin, have been associated with price volatility — quick shifts in the value of the currency that can create uncertainty for buyers, sellers and investors. For example, the price of Bitcoin went from around $5,000 in March 2020 to $63,000 in April 2021 — then fell 50 per cent over the next two months, according to Investopedia. In contrast, stablecoins are meant to provide a less volatile alternative to other forms of cryptocurrency. 'I think about crypto as a long-term investment,' said Matheson. 'I personally don't sell crypto. I only buy and hold crypto.'
Globe and Mail
30-06-2025
- Business
- Globe and Mail
Crypto industry pushing Canada to follow U.S. lead in embracing stablecoins
As the U.S. government takes big steps to usher cryptocurrency into mainstream finance, one of the world's biggest crypto exchanges is urging the Canadian government to match and exceed those efforts, even as concerns mount. Coinbase Global Inc. COIN-Q is pushing hard to educate Canadian politicians about the moment in the hope of seeing someone in government champion the cause, said Lucas Matheson, who leads the company's Canadian division. 'We need to drive a sense of urgency in our government to take crypto seriously, and to embrace this technology, to integrate it into our traditional financial system,' he said in an interview. A key focus in that push is to bring more legitimacy to stablecoins, a type of crypto designed to keep a steady value by pegging it to a currency, often the U.S. dollar, and holding reserves to back it up. The idea is that by avoiding the volatility that crypto is often known for, stablecoins can work better as a form of internet-based currency. They offer the potential for faster and cheaper money transfers, especially across borders, though come with their own risks. One of the biggest concerns so far is that without regulation, it's been hard to know if stablecoin issuers like Tether International and Circle Internet Financial CRCL actually hold the collateral they claim. An industry-supported bill moving quickly through the U.S. government seeks to address those concerns by setting rules about the need to back stablecoins one-for-one to either U.S. dollars or short-term treasuries, and issuing regular financial reports. 'What the U.S. has done is establish some credibility at the most senior levels of government, and we hope that that inspires our elected officials to do the same' said Matheson. U.S. Treasuries face stablecoin-driven demand surge as supply looms Regulators in Canada, however, still treat stablecoins like other forms of crypto: as a security. That means it's considered an investment, rather than a form of payment. 'We're keen for Canada to also embrace some frameworks and definitions around stablecoins,' said Matheson. 'A lot of the advocacy work in Canada has been focused on our federal government, our new Minister of Finance [François-Philippe] Champagne, to help his office understand the opportunity to embrace crypto.' There's no doubt stablecoins are becoming big business. Tether, the largest U.S.-dollar backed stablecoin, has seen the market capitalization of its token go from under US$10-billion in 2020 to almost US$160-billion. Meanwhile it made US$13-billion in profit last year thanks to the interest on the treasuries it holds as collateral. The market as a whole is estimated to be around US$250-billion, but could grow to some US$2-trillion by 2028 as the U.S. law paves the way for growth, estimates Standard Chartered. The growth coincides with efforts to bring the option more directly to consumers, including Shopify's announced partnership with Coinbase in mid-June to make stablecoins a standard option for payments. For merchants, the option offers potential savings on fees linked to other forms of payments like credit cards, though for consumers the benefits aren't so clear. Matheson said it's still early days, but he could see some companies using virtual rewards to entice people to use them. 'I would imagine there will be a world where you will go to a Shopify SHOP-T merchant, that merchant will offer a token-gated experience where maybe you need an NFT, to hold that NFT as part of a loyalty program, or as part of a previous purchase. And now that you have that token, you can enter into the token-gated experience that's sort of limited and exclusive, and then shop with a merchant, and receive digital twins of those products as a warranty, as a receipt, and as a collectible.' U.S. crypto stocks surge as Senate approves milestone stablecoin bill While it's still not clear what consumer appetite is for stablecoins, they're already proving to be very popular with criminals. Research firm Chainalysis figures that there was some US$51-billion of stablecoins received by illicit cryptocurrency addresses last year, and that they accounted for 63 per cent of all illicit crypto flows. Proponents like Matheson tout the traceability and transparency of the blockchain, but as the current levels of illicit flows show, there are ways to get around that through the use of software that can combine transactions and obfuscate the flow of crypto. And while criminal flows are a problem now, there is also growing concerns about the implications of stablecoins becoming a bigger segment of the financial industry. The Bank for International Settlements, a central bank-backed global institution tasked with helping maintain financial stability, put out a warning just last week. 'If stablecoins continue to grow, they could pose financial stability risks,' said BIS in a report. Along with concerns about crime, the report warned about the risks if a coin-issuer stumbled or collapsed. It said the boom in stablecoins resembles 19th century banking in the U.S., where each bank was printing its own bills and there were panic withdrawals when customers started to doubt the soundness of some banks. 'Society has a choice. The monetary system can transform into a next-generation system built on tried and tested foundations ... or society can relearn the historical lessons about the limitations of unsound money, with real societal costs, by taking a detour involving private digital currencies.' Opinion: Canada was once a global leader in crypto. It can be one again There's also a concern of stablecoins trying to act more like banks by offering interest on holdings, and the potential stability risks that come with that. The U.S. law actually prohibits stablecoin issuers from paying interest, in part because of such concerns, but Matheson wants to see Canada to drop its own ban. 'Currently that is not a permitted activity in Canada, providing yield on stablecoins, but it's something certainly our industry is advocating for with our regulators.' As the industry pushes to be more integrated in the financial industry, it continues to be dogged by concerns of scams and questionable dealings, including by the many crypto initiatives being launched by the family of U.S. President Donald Trump. But Matheson said modernizing rules around crypto is the answer. 'Regulatory clarity will trump all other temporary behaviour or experimentation that we're seeing in the market.'
Toronto Star
30-06-2025
- Business
- Toronto Star
Crypto industry pushing Canada to follow U.S. lead in embracing stablecoins
TORONTO - As the U.S. government takes big steps to usher cryptocurrency into mainstream finance, one of the world's biggest crypto exchanges is urging the Canadian government to match and exceed those efforts, even as concerns mount. Coinbase Global Inc. is pushing hard to educate Canadian politicians about the moment in the hope of seeing someone in government champion the cause, said Lucas Matheson, who leads the company's Canadian division.
Global News
30-06-2025
- Business
- Global News
Crypto industry wants Canada to embrace stablecoins, but concerns remain
As the U.S. government takes big steps to usher cryptocurrency into mainstream finance, one of the world's biggest crypto exchanges is urging the Canadian government to match and exceed those efforts, even as concerns mount. Coinbase Global Inc. is pushing hard to educate Canadian politicians about the moment in the hope of seeing someone in government champion the cause, said Lucas Matheson, who leads the company's Canadian division. 'We need to drive a sense of urgency in our government to take crypto seriously, and to embrace this technology, to integrate it into our traditional financial system,' he said in an interview. A key focus in that push is to bring more legitimacy to stablecoins, a type of crypto designed to keep a steady value by pegging it to a currency, often the U.S. dollar, and holding reserves to back it up. Story continues below advertisement The idea is that by avoiding the volatility that crypto is often known for, stablecoins can work better as a form of internet-based currency. They offer the potential for faster and cheaper money transfers, especially across borders, though come with their own risks. One of the biggest concerns so far is that without regulation, it's been hard to know if stablecoin issuers like Tether International and Circle Internet Financial actually hold the collateral they claim. Following the U.S. lead An industry-supported bill moving quickly through the U.S. government seeks to address those concerns by setting rules about the need to back stablecoins one-for-one to either U.S. dollars or short-term treasuries, and issuing regular financial reports. 'What the U.S. has done is establish some credibility at the most senior levels of government, and we hope that that inspires our elected officials to do the same' said Matheson. Story continues below advertisement Regulators in Canada, however, still treat stablecoins like other forms of crypto: as a security. That means it's considered an investment, rather than a form of payment. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We're keen for Canada to also embrace some frameworks and definitions around stablecoins,' said Matheson. 'A lot of the advocacy work in Canada has been focused on our federal government, our new Minister of Finance (François-Philippe) Champagne, to help his office understand the opportunity to embrace crypto.' Going mainstream There's no doubt stablecoins are becoming big business. Tether, the largest U.S.-dollar backed stablecoin, has seen the market capitalization of its token go from under US$10 billion in 2020 to almost US$160 billion. Meanwhile it made US$13 billion in profit last year thanks to the interest on the treasuries it holds as collateral. Story continues below advertisement The market as a whole is estimated to be around US$250 billion, but could grow to some US$2 trillion by 2028 as the U.S. law paves the way for growth, estimates Standard Chartered. The growth coincides with efforts to bring the option more directly to consumers, including Shopify's announced partnership with Coinbase in mid-June to make stablecoins a standard option for payments. For merchants, the option offers potential savings on fees linked to other forms of payments like credit cards, though for consumers the benefits aren't so clear. Matheson said it's still early days, but he could see some companies using virtual rewards to entice people to use them. 'I would imagine there will be a world where you will go to a Shopify merchant, that merchant will offer a token-gated experience where maybe you need an NFT, to hold that NFT as part of a loyalty program, or as part of a previous purchase. And now that you have that token, you can enter into the token-gated experience that's sort of limited and exclusive, and then shop with a merchant, and receive digital twins of those products as a warranty, as a receipt, and as a collectible.' While it's still not clear what consumer appetite is for stablecoins, they're already proving to be very popular with criminals. Research firm Chainalysis figures that there was some US$51 billion of stablecoins received by illicit cryptocurrency addresses last year, and that they accounted for 63 per cent of all illicit crypto flows. Story continues below advertisement Proponents like Matheson tout the traceability and transparency of the blockchain, but as the current levels of illicit flows show, there are ways to get around that through the use of software that can combine transactions and obfuscate the flow of crypto. Growing risks And while criminal flows are a problem now, there is also growing concerns about the implications of stablecoins becoming a bigger segment of the financial industry. The Bank for International Settlements, a central bank-backed global institution tasked with helping maintain financial stability, put out a warning just last week. 'If stablecoins continue to grow, they could pose financial stability risks,' said BIS in a report. Along with concerns about crime, the report warned about the risks if a coin-issuer stumbled or collapsed. It said the boom in stablecoins resembles 19th century banking in the U.S., where each bank was printing its own bills and there were panic withdrawals when customers started to doubt the soundness of some banks. Story continues below advertisement 'Society has a choice. The monetary system can transform into a next-generation system built on tried and tested foundations … or society can relearn the historical lessons about the limitations of unsound money, with real societal costs, by taking a detour involving private digital currencies.' There's also a concern of stablecoins trying to act more like banks by offering interest on holdings, and the potential stability risks that come with that. The U.S. law actually prohibits stablecoin issuers from paying interest, in part because of such concerns, but Matheson wants to see Canada to drop its own ban. 'Currently that is not a permitted activity in Canada, providing yield on stablecoins, but it's something certainly our industry is advocating for with our regulators.' As the industry pushes to be more integrated in the financial industry, it continues to be dogged by concerns of scams and questionable dealings, including by the many crypto initiatives being launched by the family of U.S. President Donald Trump. But Matheson said modernizing rules around crypto is the answer. 'Regulatory clarity will trump all other temporary behaviour or experimentation that we're seeing in the market.'
CTV News
30-06-2025
- Business
- CTV News
Crypto industry pushing Canada to follow U.S. lead in embracing stablecoins
Coinbase employee Daniel Huynh holds a celebratory bottle of champagne as he photographs outside the Nasdaq MarketSite, in New York's Times Square, Wednesday, April 14, 2021. (AP Photo/Richard Drew) TORONTO — As the U.S. government takes big steps to usher cryptocurrency into mainstream finance, one of the world's biggest crypto exchanges is urging the Canadian government to match and exceed those efforts, even as concerns mount. Coinbase Global Inc. is pushing hard to educate Canadian politicians about the moment in the hope of seeing someone in government champion the cause, said Lucas Matheson, who leads the company's Canadian division. 'We need to drive a sense of urgency in our government to take crypto seriously, and to embrace this technology, to integrate it into our traditional financial system,' he said in an interview. A key focus in that push is to bring more legitimacy to stablecoins, a type of crypto designed to keep a steady value by pegging it to a currency, often the U.S. dollar, and holding reserves to back it up. The idea is that by avoiding the volatility that crypto is often known for, stablecoins can work better as a form of internet-based currency. They offer the potential for faster and cheaper money transfers, especially across borders, though come with their own risks. One of the biggest concerns so far is that without regulation, it's been hard to know if stablecoin issuers like Tether International and Circle Internet Financial actually hold the collateral they claim. Following the U.S. lead An industry-supported bill moving quickly through the U.S. government seeks to address those concerns by setting rules about the need to back stablecoins one-for-one to either U.S. dollars or short-term treasuries, and issuing regular financial reports. 'What the U.S. has done is establish some credibility at the most senior levels of government, and we hope that that inspires our elected officials to do the same' said Matheson. Regulators in Canada, however, still treat stablecoins like other forms of crypto: as a security. That means it's considered an investment, rather than a form of payment. 'We're keen for Canada to also embrace some frameworks and definitions around stablecoins,' said Matheson. 'A lot of the advocacy work in Canada has been focused on our federal government, our new Minister of Finance (François-Philippe) Champagne, to help his office understand the opportunity to embrace crypto.' Going mainstream There's no doubt stablecoins are becoming big business. Tether, the largest U.S.-dollar backed stablecoin, has seen the market capitalization of its token go from under US$10 billion in 2020 to almost US$160 billion. Meanwhile it made $13 billion in profit last year thanks to the interest on the treasuries it holds as collateral. The market as a whole is estimated to be around US$250 billion, but could grow to some US$2 trillion by 2028 as the U.S. law paves the way for growth, estimates Standard Chartered. The growth coincides with efforts to bring the option more directly to consumers, including Shopify's announced partnership with Coinbase in mid-June to make stablecoins a standard option for payments. For merchants, the option offers potential savings on fees linked to other forms of payments like credit cards, though for consumers the benefits aren't so clear. Matheson said it's still early days, but he could see some companies using virtual rewards to entice people to use them. 'I would imagine there will be a world where you will go to a Shopify merchant, that merchant will offer a token-gated experience where maybe you need an NFT, to hold that NFT as part of a loyalty program, or as part of a previous purchase. And now that you have that token, you can enter into the token-gated experience that's sort of limited and exclusive, and then shop with a merchant, and receive digital twins of those products as a warranty, as a receipt, and as a collectible.' While it's still not clear what consumer appetite is for stablecoins, they're already proving to be very popular with criminals. Research firm Chainalysis figures that there was some US$51 billion of stablecoins received by illicit cryptocurrency addresses last year, and that they accounted for 63 per cent of all illicit crypto flows. Proponents like Matheson tout the traceability and transparency of the blockchain, but as the current levels of illicit flows show, there are ways to get around that through the use of software that can combine transactions and obfuscate the flow of crypto. Growing risks And while criminal flows are a problem now, there is also growing concerns about the implications of stablecoins becoming a bigger segment of the financial industry. The Bank for International Settlements, a central bank-backed global institution tasked with helping maintain financial stability, put out a warning just last week. 'If stablecoins continue to grow, they could pose financial stability risks,' said BIS in a report. Along with concerns about crime, the report warned about the risks if a coin-issuer stumbled or collapsed. It said the boom in stablecoins resembles 19th century banking in the U.S., where each bank was printing its own bills and there were panic withdrawals when customers started to doubt the soundness of some banks. 'Society has a choice. The monetary system can transform into a next-generation system built on tried and tested foundations ... or society can relearn the historical lessons about the limitations of unsound money, with real societal costs, by taking a detour involving private digital currencies.' There's also a concern of stablecoins trying to act more like banks by offering interest on holdings, and the potential stability risks that come with that. The U.S. law actually prohibits stablecoin issuers from paying interest, in part because of such concerns, but Matheson wants to see Canada to drop its own ban. 'Currently that is not a permitted activity in Canada, providing yield on stablecoins, but it's something certainly our industry is advocating for with our regulators.' As the industry pushes to be more integrated in the financial industry, it continues to be dogged by concerns of scams and questionable dealings, including by the many crypto initiatives being launched by the family of U.S. President Donald Trump. But Matheson said modernizing rules around crypto is the answer. 'Regulatory clarity will trump all other temporary behaviour or experimentation that we're seeing in the market.' This report by The Canadian Press was first published June 30, 2025. Ian Bickis, The Canadian Press
