The Federal Reserve has proposed two sets of rules for payment stablecoin issuers under its supervision as part of the GENIUS Act. These proposals would require full reserve backing with permitted assets such as short-term Treasury bills, along with standardized capital requirements to cover credit and operational risks. Banks seeking to issue payment stablecoins would need to submit a formal application including a business plan and financial information. The public comment period is 60 days from publication in the Federal Register.
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