Fed Proposes New Regulatory Framework for Stablecoin Issuance
nashnova research
The Federal Reserve on September 24 proposed a supervisory framework requiring dollar-backed stablecoin issuers to hold full reserves in assets like short-term Treasuries and meet capital thresholds — the first federal-level rulebook for the stablecoin market.
What does this proposal actually require?
Under the GENIUS Act passed last year, the Fed is building a federal supervisory framework for dollar-backed stablecoin issuers.
The core rule: issuers must back every token one-for-one with approved reserve assets such as short-term U.S. Treasuries.
This means → saying "we have the money" is no longer enough — issuers need federally recognized proof, dollar for dollar.
What else is covered beyond reserves?
Issuers must also meet capital requirements to absorb credit risk and operational risk — in plain terms = they need a safety cushion on top of reserves.
The proposal draws two lines for banks: first, custody guidelines spelling out how a bank holds reserve assets on behalf of an issuer; second, a business-scope boundary defining which stablecoin activities banks may engage in.
Banks that want to issue stablecoins themselves must go through a dedicated application process — no shortcuts.
What happens next?
Once published in the Federal Register, the proposal opens a 60-day public comment period — industry players and the public can weigh in.
Put simply = this is still a draft, not a final rule; whether it lands and how the details shift depends on the lobbying and feedback during those 60 days.
This reflects a broader move: U.S. stablecoin oversight is shifting from state-by-state patchwork to a unified federal framework, and the pace will shape compliance expectations across the entire crypto market.
市场有风险，内容仅供研究参考，不构成投资建议。