Canada Opens Consultation on Draft Stablecoin Rules, Keeps Yield Ban

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Canadian regulators have opened a public consultation on draft rules governing stablecoins. Under the proposal, non-bank issuers would need to back their tokens one-to-one with reserves held at qualified Canadian institutions. Issuers would also be required to process redemption requests within three business days. The draft keeps the existing prohibition on paying yield to stablecoin holders.

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