Canada’s proposal would allow covered holders to redeem any amount of stablecoin, without a minimum, with fees capped at 1% and payment normally completed within three business days. Issuers could nevertheless impose daily limits if reserve-asset markets experience a liquidity shortfall. For USDC holders, a redemption at par would be denominated in U.S. dollars, requiring a currency conversion or another payment arrangement to obtain Canadian dollars. Circle Mint, which currently excludes individuals, illustrates the gap between existing terms and the future Canadian framework. The Stablecoin Act, which received royal assent on March 26, targets implementation in fall 2027, subject to final rules and decisions on individual issuers.
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