Lucas Matheson, CEO of Coinbase Canada, on Crypto in Canada and Why Stablecoin Regulation Must Be a National Priority | Ep. 439

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May 19, 2025

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Lucas Matheson, CEO of Coinbase Canada, joined the Cryptonews Spotlight Podcast for a comprehensive discussion on the state of crypto in Canada. From stablecoin regulation and government outreach to banking integration and mass adoption, Matheson lays out a clear vision for how Canada can build a secure, forward-looking digital asset economy.

Canada Needs a National Stablecoin Strategy

“We need a minister or Finance Minister in Canada to direct a prudential regulator to take responsibility and ownership of stablecoins at a federal level.”

Matheson believes Canada is falling behind globally because stablecoins are not clearly defined or regulated as payment instruments. He argues that regulatory clarity is essential to mass adoption.

The Core Issue Is Legal Definition

“The core issue that we have with stablecoins is what I think of as a square peg, round hole legal definitional problem.”

He says Canada’s tendency to treat everything through the securities lens leads to confusion and misclassification of stablecoins.

Coinbase Is Backing Canadian Stablecoin QCAD

“We’ll be announcing that Coinbase has invested in Stablecorp… to bring new CAD to market.”

Coinbase is supporting the launch of QCAD, a fully regulated Canadian-dollar stablecoin, aiming to integrate it into the traditional financial system.

Stablecoins Can Fix Remittances

“Would you click different buttons on your phone to send your family 6% to 12% more money a year? That’s possible today.”

Matheson highlights how stablecoins could save Canadians millions in remittance fees by replacing high-cost legacy systems.

Foreign Exchange Is Ripe for Disruption

“Margins will be crushed in foreign exchange over the next decade.”

Crypto rails, Matheson argues, will disintermediate FX, offering faster, cheaper cross-border payments for individuals and businesses.

Crypto Isn’t Even in the Top 50 for Politicians

“Every member of parliament I meet, I always ask them – is crypto on your top 50 list? It rarely is.”

Despite crypto’s global momentum, Canadian legislators have not prioritized the industry – a key challenge Coinbase is working to change.

National Crypto Strategy Is Urgently Needed

“We need people at the federal level who are responsible for coordinating across the government and building a long-term strategy.”

Matheson urges Canada to appoint a direct responsible individual (DRI) to lead crypto integration across public policy and services.

Carney Could Be a Catalyst

“Mark Carney was on the board of Stripe… and Stripe has recently invested over a billion dollars into stablecoins.”

Matheson points to Carney’s tech background as a reason to expect more crypto-forward thinking in Canada’s new leadership.

Coinbase Is Launching EFTs in Canada

“Today, we are announcing that we are rolling out EFTs… to increase the limits of fiat dollars users can move in and out of Coinbase.”

This upgrade allows Canadians to transfer $10K–$ 35K daily via electronic fund transfer, closing a key product gap for higher-volume users.

Yield Is Still Blocked in Canada

“Yield on USDC is not permitted in Canada… In most jurisdictions in the world, you earn about 4.5% – in Canada, you don’t earn any.”

He calls for regulators to rethink limits on yield-bearing assets, which are commonplace elsewhere but still blocked domestically.

Canadian Crypto Access Remains Limited

“If you buy any other crypto in Canada as a retail user, you’re limited to $30,000 a year.”

Regulatory caps on crypto purchases, especially beyond BTC and ETH, hinder diversification and broader DeFi participation.

Regulators Mean Well, but Are Trapped in Old Systems

“I genuinely believe that our regulators are trying to do the right thing… but we’re locked in an old regime.”

Matheson says Canadian regulators care about consumer safety, but current legal frameworks aren’t designed for crypto’s flexibility.

Education Is Still the Most Powerful Tool

“If you don’t educate people about why it’s powerful and how it makes lives more efficient, they’re not going to use it.”

At the heart of Coinbase’s strategy is public education, targeting users, institutions, and policymakers alike.

From Retail Speculation to Responsible Wealth Building

“We’re entering a very new era of crypto… responsible diversification and long-term protection of purchasing power.”

Matheson says the crypto narrative is shifting toward mainstream acceptance, especially among institutions and everyday Canadians.

His 2025 Goal? Get His Mom into Bitcoin

“My 2025 prediction is that my mom’s going to call me this year and say, ‘I bought Bitcoin.’”

That quote captures the moment: crypto is no longer fringe – it’s becoming part of the average Canadian’s financial life.