Canada Launches 60-Day Consultation on Stablecoin Regulations

• The Canadian government has initiated a 60-day public consultation on draft stablecoin regulations.
• Non-bank stablecoin issuers must back tokens 1:1 with reserves held at qualified Canadian institutions.
• The draft rules maintain a ban on yield payments for stablecoins.
• Stablecoin redemptions must be settled within three business days under the proposed regulations.
• The consultation is part of the potential implementation of Canada's Stablecoin Act, influenced by the US GENIUS Act.