Head of Sales & OTC Trading @Netcoins | Crypto, stablecoins, tokenization & market structure | Views are my own, not investment advice.
Toronto, ON, Canada
Joined January 2021
- Tweets147
- Following180
- Followers61
- Likes172
Pinned Tweet
Canada's stablecoin regs, clause by clause. Index:
1. Yield teapawt.net/AndrewBulman5/status/2…
2. Exemptions teapawt.net/AndrewBulman5/status/2…
3. Redemption teapawt.net/AndrewBulman5/status/2…
4. Fees teapawt.net/AndrewBulman5/status/2…
5. Wallets teapawt.net/AndrewBulman5/status/2…
6. 30-day window (quoted)
Comments due Dec 23.
Canada's stablecoin regs, clause by clause. Part 6: the 30-day window.
Already issuing when the Act starts? Keep going only if you apply to the Bank of Canada within 30 days. Miss it or get refused: stop.
Ottawa expects ~5 issuers, incl. QCAD, CADC, USDC.
Is 30 days enough? teapawt.net/AndrewBulman5/status/2…
4
Contrarian take: $270M is the easy part of the banks' stablecoin.
Project Faro: 21 institutions, a US issuer, launch targeted for H1 2027. Still no CEO and no final name, per Bloomberg.
USDT and USDC hold ~85% of supply. Funding doesn't buy distribution.
Can a consortium win?
1
1
Sources: Bloomberg via Bloomberg Law, Nov 10, 2026: news.bloomberglaw.com/bankin…
CoinDesk (Project Faro, H1 2027, euro next): coindesk.com/business/2026/1…
~85% share: DefiLlama, Nov 12
1
Stablecoin supply is shrinking, and it's not one coin's problem.
Since the May 17 peak (DefiLlama):
Total: -$23.8B (-7.6%)
USDT: -$13.9B
USDC: -$7.2B
Everything else: -$2.7B
Last 30 days alone: -$14.9B.
Rates, redemptions or rotation? What's driving it?
1
2
Source: DefiLlama stablecoins data (USD-pegged supply, daily). Peak May 17: $312.9B. Nov 12: $289.1B. Oct 12: $304.0B. USDT and USDC from DefiLlama's coin pages: defillama.com/stablecoins
API: stablecoins.llama.fi/stablec…
Data, not a market call.
1
Quiet but big: Visa partners can now settle what they owe Visa in USDPT, Western Union's stablecoin.
The detail I'd watch: it's issued by Anchorage Digital Bank, which also mints coins for Tether, Ethena and Zelle.
Brands rent the bank charter. Is that how stablecoins scale?
2
4
Sources: Anchorage Digital, Nov 12, 2026 (USDPT for VisaNet settlement; Anchorage also issues USAT, USDtb, ZLUSD): anchorage.com/press-room/anc…
The Block: theblock.co/news/business/20…
Quiet but big: Visa partners can now settle what they owe Visa in USDPT, Western Union's stablecoin.
The detail I'd watch: it's issued by Anchorage Digital Bank, which also mints coins for Tether, Ethena and Zelle.
Brands rent the bank charter. Is that how stablecoins scale?
1
Canada's stablecoin regs, clause by clause. Part 6: the 30-day window.
Already issuing when the Act starts? Keep going only if you apply to the Bank of Canada within 30 days. Miss it or get refused: stop.
Ottawa expects ~5 issuers, incl. QCAD, CADC, USDC.
Is 30 days enough? teapawt.net/AndrewBulman5/status/2…
Canada's stablecoin regs, clause by clause. Part 5: wallets and payment processors.
About 30 crypto firms, including custodial and software wallets, would join the Retail Payment Activities Act.
Custodial wallets must plan for the issuer failing** Fair ask?
teapawt.net/AndrewBulman5/status/2…
Sources: Canada Gazette, Part I, Oct 24, 2026, proposed Stablecoin Regulations (s. 43 transitional rule; s. 8(z.4) wind-down plan; RIAS: ~5 issuers incl. QCAD, CADC, USDC; fall 2027 target): gazette.gc.ca/rp-pr/p1/2026/…
Comment by Dec 23: gazette.gc.ca/consult/consul…
3
Andrew Bulman retweeted
The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand today published the findings from their collaboration on synchronised cross-border foreign exchange (FX) settlement under Project Meridian FX APAC. mas.gov.sg/news/media-releas…
Andrew Bulman retweeted
The @BankingGOP has scheduled a hearing next Thursday for @SECGov nominees Kristin Johnson and Steve Levine, alongside other nominees.
The SEC and CFTC nominees face a tight window for confirmation this Congress. @PunchbowlNews reported last month that Senate GOP leadership wants nominees out of committee by November 20 for inclusion in a final year-end package.
But the bipartisan slate and cross-aisle interest in staffing both agencies could give Senate leaders reason to make exceptions.
Andrew Bulman retweeted
Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture
According to Bloomberg, a group of financial institutions, including Goldman Sachs, Citigroup, Santander and Deutsche Bank, have committed approximately $270 million to Project Faro, a joint stablecoin venture. The funding is intended to cover five years of operations. The project, involving 21 financial institutions, plans to establish a US-based company to issue a dollar-denominated stablecoin in the first half of 2027, with a euro-denominated stablecoin expected to follow. Other participants include Wells Fargo, Fidelity, UBS and Lloyds Banking Group. The initiative aims to compete with established issuers Tether and Circle, whose stablecoins account for roughly 85% of the global market.
Canada's stablecoin regs, clause by clause. Index:
1. Yield teapawt.net/AndrewBulman5/status/2…
2. Exemptions teapawt.net/AndrewBulman5/status/2…
3. Redemption teapawt.net/AndrewBulman5/status/2…
4. Fees teapawt.net/AndrewBulman5/status/2…
5. Wallets teapawt.net/AndrewBulman5/status/2…
Comments due Dec 23. What should Part 6 cover?
Canada's stablecoin regs, clause by clause. Part 5: wallets and payment processors.
About 30 crypto firms, including custodial and software wallets, would join the Retail Payment Activities Act.
Custodial wallets must plan for the issuer failing** Fair ask?
teapawt.net/AndrewBulman5/status/2…
1
84
Andrew Bulman retweeted
This Thursday, the EBA takes over supervision of $USDC's reserves, liquidity, and own funds. In the US, FinCEN and the Federal Reserve dropped their plan to lower the travel rule threshold for cross-border transfers.
Regulatory Radar, week of 9 November:
US
• The travel rule threshold stays at $3,000
• OFAC sanctioned eight Canadian money services for Iran sanctions evasion and listed six TRX addresses
• The OCC published an AI supervisory framework for banks (Bulletin 2026-54)
EU and UK
• The European Commission set up a crypto sanctions task force
• FCA: firms that apply by 28 February can keep operating while their application is still pending. Later applicants can't take on new UK clients
Hong Kong
• HKMA's discussion paper on agentic AI in banks takes feedback until 1 February
Upcoming deadlines
• 12 Nov: EBA begins supervising USDC
• 17 Nov: Bank of Thailand stablecoin consultation
• 18 Nov: FCA CP26/36 and GC26/7, CFTC event contracts
• 23 Nov: OCC GENIUS forms
• 30 Nov: Fed GENIUS proposal, ADGM DeFi guidance
The GENIUS Act takes effect in 70 days.
Hacken maps each requirement to your current controls and shows which evidence to build first: hackenio.cc/compliance_scope
Canada's stablecoin regs, clause by clause. Part 2 update:
Part 2 said banks sit outside the Stablecoin Act. Budget 2026 proposes federally regulated FIs could issue only through a non-FI subsidiary regulated under the Act.
Still a moat, or an on-ramp? teapawt.net/AndrewBulman5/status/2…
Canada's stablecoin regs, clause by clause. Part 2: who's exempt.
Banks, credit unions and trust companies sit outside the Stablecoin Act.
Non-bank issuers must keep reserves with a Canadian-incorporated institution.
Quiet winners? The banks.
Smart ring-fencing, or a moat?
1
1
19
Sources (proposals, not law): Budget 2026, Ch. 1 pp. 149-150 and Annex 3 p. 366 (FRFIs issue only via a non-FI subsidiary under the Act; Act would also extend to foreign FIs not prudentially regulated in Canada): budget.canada.ca/2026/report…
Blakes (Nov 9): blakes.com/insights/2026-fed…
1
9
Contrarian take: the stock-perps fight won't be won by the better product.
It turns on one word: expiry.
No expiry date = a swap, SEC turf, argues a group whose members include Cboe and Citadel Securities. Still a future, say Coinbase, Kalshi and Kraken's parent.
Which is it?
1
1
21
Today @Coinbase, @Kalshi, @Payward, DRW Holdings, @Jumptrading, and @Paradigm moved for leave to file an amicus brief defending the @CFTC’s authority to regulate single stock perpetuals in the US.
The law is clear. Under the CEA and the securities futures framework Congress established in 2000, security futures products are not “swaps.”
Others would rather litigate than compete with innovative products that promise to open up new markets and financial opportunities for American investors with the oversight and investor protection of the @CFTC and @SECGov built in.
Killing innovation won’t stop these products. It will just keep them offshore and unregulated. We’ve been working for years to onshore equity perps in a responsible and regulated way and won’t stop until we bring these products to our customers.
Read more in our brief 👇🏼
1
9