🇺🇸UPDATE: U.S. stablecoin regulation is entering its implementation phase.
The Federal Reserve has proposed new rules covering stablecoin reserves, capital, risk management and how supervised banks can apply to issue payment stablecoins under the GENIUS Act.
The proposals would turn key GENIUS Act requirements into operating rules for Fed supervised issuers, including full reserve backing and standardized capital requirements. The Fed is now seeking public comment before finalizing the framework.