Bank of Canada targets 2027 for stablecoin rules as US Clarity Act momentum fades

The Bank of Canada is moving toward a formal stablecoin regulatory framework with a 2027 target, entering the space at a moment when the US legislative push is losing steam. The GENIUS Act's companion, the Clarity Act, has stalled in Congress, leaving a vacuum that other jurisdictions are now moving to fill on their own timelines.

Meanwhile, Visa has been quietly embedding stablecoins into core payment infrastructure without much public fanfare. The company's stablecoin settlement pilot now spans nine blockchains and has reached a $7 billion annualized run rate — a figure that signals stablecoins are no longer a crypto-native experiment but an active layer inside mainstream payment plumbing.

The divergence is notable: while legislators debate frameworks, a payments giant is already routing real volume through stablecoin rails. Canada's 2027 timeline may arrive to regulate…