The Federal Reserve has proposed new rules for payment stablecoin issuers under its supervision. The proposals would require full backing with permitted reserve assets, including short-term Treasury bills and other high-quality liquid assets. They would also establish standardized capital requirements covering credit and operational risks, alongside broader risk management standards. A tailored application process would be created for Fed-supervised banks seeking approval to issue payment stablecoins, with procedures for appeals and hearings. These proposals build on the regulatory framework established by the GENIUS Act.
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