Canada's draft fiat-pegged stablecoin rules would ban issuers from paying interest, including via third parties, to encourage holding tokens, though transaction-linked rewards remain permitted. Non-bank issuers must hold reserves matching circulating tokens, placed with qualified Canadian financial institutions such as banks, credit unions and trust companies. Redemptions must settle within three business days, with fees capped at 1%. The framework is expected to take effect around late 2027. Context includes Canada's six largest banks exploring a Canadian-dollar tokenized system, OSFI's Sept. 10 statement that tokenized deposits are not legally distinct from traditional deposits, and Tetra Trust's May launch of the Alberta-approved CADD stablecoin.

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