The Globe and Mail reports in its Friday edition that Ottawa's new framework for regulating stablecoins has cryptocurrency advocates excited. The Globe's guest columnist Claude Lavoie writes that the legislation will permit companies to issue loonie-backed stablecoins. Ottawa's action follows the United States passing the GENIUS Act. It missed a chance to introduce a Bank of Canada digital currency that could enhance Canada's banking system's inclusivity, stability and efficiency. However, the BOC has shelved CBDC plans, likely due to pressure from banks concerned about their profits. With almost 90 per cent of transactions occurring electronically, why consider stablecoins? The key advantage is efficiency. Stablecoin transactions bypass multiple institutions for quicker processing, lower fees, enhanced privacy and simpler international transfers. By being pegged to the Canadian dollar, they also avoid the volatility seen in cryptocurrencies like bitcoin. Significant risks remain, as a private stablecoin's value hinges on the issuer's trustworthiness and their ability to maintain sufficient high-quality reserves. Unlike credit cards and electronic banking, stablecoins offer no fraud detection or consumer protection.