The Fed announced on Sept. 24 a tiered operating-risk capital charge for supervised payment stablecoin issuers, starting at 2% on the first $20 billion outstanding with declining rates for higher amounts. At $1 billion in circulation with no non-reserve revenue, a covered issuer’s baseline charge would be $20 million before adjustments. The OCC simultaneously proposed a different approach, using individualized capital amounts and a separate liquid asset backstop equal to 12 months of expenses. Both proposals are open to public comment and subject to revision through rulemaking.
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