Canada bans stablecoin yield and routes issuer reserves through banks in draft rules

• —The yield ban covers both direct and indirect routes, including platform-activity rewards
• —Issuers must back coins 1:1 with high-quality liquid assets and redeem at par
• —Banks are exempt from the rules but serve as custodians for issuer reserves
• —Consultation opened October 24, 2026; the regime is expected to take effect in 2027