The Bank of Canada has urged swift regulatory action on stablecoins to prevent the nation from falling behind global markets. Ron Morrow, Executive Director of Payments, stressed the importance of establishing a stablecoin framework to maintain financial stability during a conference in Ottawa. Morrow highlighted the growing use of stablecoins in cross-border payments and called for coordinated efforts from federal and provincial regulators. The Bank of Canada has shifted its focus from a central bank digital currency (CBDC) project to enhancing real-time payment infrastructure. This move follows a consultation where 42% of Canadians expressed support for a CBDC. The global push for stablecoin regulation, including recent developments in the U.S., has increased pressure on Canada to act swiftly.