#美联储拟定银行发行支付稳定币规则
On September 24, the U.S. Federal Reserve released detailed regulatory proposals for banks to issue payment stablecoins. In simple terms, eligible banks can apply to issue their own payment stablecoins, but they must meet requirements related to reserves, capital, and risk management. The stablecoin must be fully backed by eligible reserve assets within a specified range—for example, highly liquid assets such as short-term U.S. Treasury bills.
What’s truly interesting for the crypto space is that this signals traditional banks moving more formally into the stablecoin arena. Previously, when people thought about stablecoins, they mostly thought of crypto-native products like USDT and USDC; going forward, we may see more “bank brand + dollar stablecoin” models.
Moreover, if the reserve assets backing stablecoins are heavily allocated to short-term U.S. Treasuries, then the larger the stablecoin’s scale, the deeper the potential linkage between on-chain dollars and the traditional U.S. Treasury market.
For public chains, there’s also a key question: which on-chain networks will bank-issued stablecoins ultimately be deployed on?
If bank stablecoins really begin to be used at large scale for payments and settlement, then public chains may not only gain transaction volume, but also real on-chain demand across payments, DeFi, RWA, and on-chain finance.
Of course, this is still at the proposal stage for regulation—final rules have not been implemented yet, and there is a 60-day public comment period.
So for now, don’t rush to interpret this as a direct positive for any particular coin. What’s more worth watching is whether this chain—bank stablecoins, short-term U.S. Treasuries, public chains, and RWA—will actually take off.
On September 24, the U.S. Federal Reserve released detailed regulatory proposals for banks to issue payment stablecoins. In simple terms, eligible banks can apply to issue their own payment stablecoins, but they must meet requirements related to reserves, capital, and risk management. The stablecoin must be fully backed by eligible reserve assets within a specified range—for example, highly liquid assets such as short-term U.S. Treasury bills.
What’s truly interesting for the crypto space is that this signals traditional banks moving more formally into the stablecoin arena. Previously, when people thought about stablecoins, they mostly thought of crypto-native products like USDT and USDC; going forward, we may see more “bank brand + dollar stablecoin” models.
Moreover, if the reserve assets backing stablecoins are heavily allocated to short-term U.S. Treasuries, then the larger the stablecoin’s scale, the deeper the potential linkage between on-chain dollars and the traditional U.S. Treasury market.
For public chains, there’s also a key question: which on-chain networks will bank-issued stablecoins ultimately be deployed on?
If bank stablecoins really begin to be used at large scale for payments and settlement, then public chains may not only gain transaction volume, but also real on-chain demand across payments, DeFi, RWA, and on-chain finance.
Of course, this is still at the proposal stage for regulation—final rules have not been implemented yet, and there is a 60-day public comment period.
So for now, don’t rush to interpret this as a direct positive for any particular coin. What’s more worth watching is whether this chain—bank stablecoins, short-term U.S. Treasuries, public chains, and RWA—will actually take off.