The Federal Reserve presented two proposals on Thursday (24) to regulate payment stablecoin issuers under its supervision in the United States. The measures provide for full backing of tokens by eligible assets, capital requirements and a specific process for banks interested in issuing stablecoins.
The proposal requires issuers to hold sufficient assets to fully cover the tokens in circulation, including short-term U.S. Treasury securities and other instruments considered liquid and high quality.
The Fed also wants to establish capital and risk management standards to cover operational and credit risks associated with stablecoins, as well as rules for institutions that provide custody for the assets used as reserves.
Banks will have their own process for issuing stablecoins
The second proposal creates a specific procedure for banks supervised by the Fed that intend to issue stablecoins through subsidiaries. The institutions will have to submit documents such as a business plan and financial information to obtain authorization.
The measures are part of the implementation of the GENIUS Act, legislation passed in 2025 that created a federal framework for payment stablecoin issuers in the United States.
The proposals are not yet final rules. They will be open to public comments for 60 days after publication in the Federal Register, and may be modified before final adoption.
