Fed Proposes Stablecoin Backing Rules and Bank Application Process
The Federal Reserve is seeking public feedback on two GENIUS Act proposals covering stablecoin backing and applications from banks seeking to issue tokens.
The Federal Reserve has put forward two proposals for public comment under the GENIUS Act, outlining requirements for stablecoin issuers within its supervisory remit.
Under the proposed backing rules, those issuers would need to hold safe assets sufficient to cover the full value of their stablecoins.
The second proposal would establish an application process for banks that want to issue stablecoins. Both measures remain proposals rather than final rules.
Source: Decrypt
