Canada opens consultation on draft stablecoin rules, maintains ban on yields

The Canadian government started a 60-day public consultation on draft stablecoin regulations, which maintain a ban on yield payments and require non-bank issuers to deposit their reserves with Canadian financial institutions. The consultation, which ends Dec. 23, comes as the country's banking industry presses for a ban on yield payouts, echoing concerns voiced in the U.S. that customers could move their money out of bank accounts, leaving traditional financial institutions with less to lend.