Stablecoin Oversight Draws Scrutiny in Canada While GENIUS Act Advances in US

Canada has launched a public comment process on new rules governing stablecoins, according to reports from Bitcoin.com News and BitKE. The proposed framework targets issuers of tokens pegged to fiat currencies, a segment of the crypto market that has grown rapidly in recent years. According to BitKE, the draft rules would require stablecoin issuers to maintain full reserves backing every token in circulation. The proposal would also guarantee holders the right to redeem their tokens on a one-to-one basis for the underlying currency. These two requirements mirror concerns regulators worldwide have raised about stablecoin stability and consumer protection.