The Bank of Canada releases stablecoin standards, requiring a 1:1 peg to fiat currency.

Techub News reported, according to Cointelegraph, that Bank of Canada Governor Tiff Macklem announced at the Montreal Chamber of Commerce on Tuesday that Canada will only approve stablecoins that are pegged 1:1 to central bank currency and backed by high-quality liquid assets. These assets primarily consist of treasury bills and government bonds, ensuring that the stablecoins can be easily converted into cash. The framework will also require issuers to hold adequate reserves, establish redemption policies, and implement risk management measures.