I would say that the Bank of Canada is the right prudential regulator for stablecoins. We support that, but I agree with Ms. Karringten that a regulator should not also be a competing issuer. That creates a structural conflict that disadvantages private Canadian issuers from day one.
On a note of being precise, a CBDC and a stablecoin are different products. CBDC is central bank money issued directly by the Bank of Canada. A stablecoin is a privately issued payment instrument backed one to one by reserves.
My understanding is that the Bank of Canada has also paused their active CBDC work and that their focus right now is on private Canadian dollar stablecoins under federal oversight—