\u201cIt provides access to more individuals to certain types of stocks. It enhances collateral management, and so there\u2019s a lot of positives there,\u201d he said.<\/p>\n<\/blockquote>\n
According to Richmond, companies do not necessarily need to issue blockchain-native shares themselves. Instead, brokers or dealers can tokenize existing shares while preserving the underlying ownership rights. He added that some companies are also interested in issuing tokenized versions of their own stock.<\/p>\n
Coinbase first disclosed its tokenized stock initiative in June, saying the products would be backed one-to-one by real shares instead of functioning as derivatives or IOUs. The company has since positioned tokenized equities as one of the core products within its Everything Exchange platform.<\/p>\n
Beyond tokenized stocks, Coinbase is also watching Canada\u2019s regulatory approach to stablecoins before introducing more payment products.<\/p>\n
The exchange primarily supports USD Coin (USDC), the U.S. dollar-backed stablecoin that maintains a one-to-one peg with the dollar. Richmond said Coinbase does not currently list a major Canadian dollar stablecoin because no existing token satisfies the listing standards required by Canadian regulators.<\/p>\n
Richmond said proposed stablecoin legislation would allow digital Canadian dollars to be regulated as payment instruments rather than investments, which could improve user confidence and encourage wider adoption.<\/p>\n
\n\u201cThat\u2019s what the Stablecoin Act is really about: to ensure that we regulate stablecoins as payments, not as investments here in the country, so people can be comfortable and feel confident when they\u2019re interacting in a Canadian dollar stablecoin,\u201d Richmond said.<\/p>\n<\/blockquote>\n
He added that regulated stablecoins could reduce the cost and time required for cross-border transfers because payments settle almost instantly instead of taking days through traditional banking infrastructure.<\/p>\n
Supporting the industry\u2019s growth, Richmond cited roughly $1.8 trillion in stablecoin transaction volume during June, saying the figure represented a 125% increase from the same month a year earlier.<\/p>\n
He also acknowledged that regulation has struggled to keep pace with innovation but said recent government efforts on stablecoin legislation were encouraging.<\/p>\n
Expansion continues across international markets<\/h2>\n
The Canadian plans come during a period of rapid international expansion for Coinbase.<\/p>\n
Earlier this month, the company secured authorization under the European Union\u2019s Markets in Crypto-Assets (MiCA) framework through Luxembourg, allowing it to offer regulated crypto services across all 27 EU member states, as well as Iceland, Liechtenstein and Norway. The approval also arrived as several exchanges without MiCA licenses reduced or suspended services across parts of Europe after the bloc\u2019s transitional period expired.<\/p>\n
Coinbase has also been adjusting its approach in Asia. As previously reported by crypto.news, the exchange simplified identity verification for mainland Chinese users by allowing registration with Chinese national identity cards and mainland residential addresses instead of requiring a Chinese passport and a Hong Kong address. While Coinbase did not describe the change as a return to the Chinese market, investors viewed the simplified onboarding process as a step that could make the platform more accessible to users in the region.<\/p>\n
Back in Canada, Richmond said Coinbase expects competition with traditional brokerages and financial platforms to increase as blockchain-based financial services become more widely available.<\/p>\n
\u201cRising tide lifts all boats,\u201d Richmond said.<\/p>\n
He argued that many Canadians are questioning why financial markets and banks continue operating within limited business hours while blockchain networks remain available around the clock.<\/p>\n
\n\u201cI think people are starting to realize the fact that banks close at 4 p.m., or the markets close at 4 p.m., or that wires can take days to settle, or that access for high-net-worth individuals to certain products are gated for just those high-net-worth individuals,\u201d Richmond said.<\/p>\n<\/blockquote>\n
Looking ahead, Richmond said his priority over the next year is to expand the range of products available to Canadian customers, allowing them to access more financial services through a single Coinbase platform instead of using separate providers.<\/p>\n
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