Under the draft rules, non-bank stablecoin issuers must back tokens 1:1 with reserves held at qualified Canadian institutions and settle redemptions within three business days. Canada opened a 60-day consultation, ending Dec. 23, on stablecoin rules that would prohibit issuers from paying interest while allowing transaction-based rewards. The proposed framework would require nonbank issuers to maintain reserves equal to their circulating tokens at qualified Canadian financial institutions and r…
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