The Canadian government has published draft Stablecoin Regulations and opened a 60-day public consultation period, with submissions due by December 23. The proposed rules prohibit stablecoin issuers from paying interest or yield to holders, either directly or through third parties, while permitting usage-related rewards. Under the draft regulations, non-bank issuers must maintain reserves equal to or exceeding their circulating supply, held with a qualified Canadian custodian. Issuers are required to complete redemptions within three business days, with no minimum redemption amount and fees capped at 1%. The draft is designed to implement the Stablecoin Act passed earlier this year and is planned to take effect in fall 2027.