Bank of Canada Deputy Governor Ron Morrow has emphasized the growing mainstream adoption of stablecoins in cross-border payments and daily transactions. Morrow advocates for a unified federal regulatory framework to prevent Canada from lagging behind countries like the US and UK in payment modernization. He highlighted the severe fragmentation in provincial regulations and called for expedited legislation to ensure financial system security. Currently, cross-border remittance costs in Canada range from 5% to 10%, but stablecoins could reduce these costs to less than 1%.