The American crypto giant will start paying rewards to Canadians holding USDC, a crypto asset whose value is pegged to the U.S. dollar, at a rate of 4.1 per cent, or 4.5 per cent to customers who pay a membership fee. (The Logic)

Talking point: The offering is another example of how crypto firms and banks alike aren’t waiting for forthcoming federal stablecoin legislation before launching or backing stablecoin products. It’s common for crypto platforms to offer yield on stablecoin balances in the U.S., but in Canada, provincial securities regulators only let the crypto assets trade under strict circumstances. Asked if Coinbase cleared the rewards program with the Ontario Securities Commission (OSC), head of Canada Lucas Matheson said it is “a customer loyalty program” the firm offers out of its marketing budget. OSC spokesperson Curtis Lindsay said the regulator can’t comment on specific cases, but has “investor protection concerns” about stablecoins.