The Fed Acts! Banks’ Stablecoins Officially Enter the Regulatory Framework
Stablecoins have reached another important milestone.
On September 24, the Federal Reserve released two proposed rules to implement the payment stablecoin regulatory framework under the U.S. GENIUS Act.
One key point is very clear:
For banks regulated by the Fed that want to issue payment stablecoins, they must meet strict requirements for reserves, capital, and risk management.
The most essential rule is:
Stablecoins must be fully backed by compliant reserve assets.
The reserve assets allowed under the proposed rules include short-term U.S. Treasury securities and certain high-quality liquid assets, among others.
At the same time, the Fed also plans to set up a dedicated approval process for banks seeking to issue payment stablecoins, requiring banks to submit materials such as business plans and financial information.
What does this mean?
Previously, stablecoins were more like:
Crypto company → issues stablecoin → serves the Crypto market
Now it may gradually become:
bank → stablecoin → payment network → merchants/users
Stablecoins are moving from being “a trading tool in the crypto market” toward global digital payment infrastructure.
And there’s another aspect worth paying close attention to:
reserve assets.
If, in the future, more and more banks issue payment stablecoins—and stablecoins are required to hold large amounts of high-quality, short-dated assets as reserves—then as stablecoin supply grows, it could further increase demand for reserve assets such as short-term Treasuries.
Of course, this doesn’t mean banks will issue stablecoins at large scale right away.
What we have now is only proposed rules. The Fed is currently seeking public comments, and the comment period will end 60 days after the rules are published in the Federal Register.
So the next things to watch are:
Which major banks will apply to issue stablecoins?
Will bank-issued stablecoins move into traditional payment scenarios?
How will existing stablecoins like USDT and USDC face competition from the banking system?
Will stablecoins ultimately become the connecting layer between bank payment systems and crypto?
I think what’s truly worth关注 is not any single stablecoin.
Rather, it’s a trend:
stablecoins are gradually evolving from “crypto products” into “financial infrastructure.”
That may be the most market-relevant part of the Fed’s rules this time.
T#美联储拟定银行发行支付稳定币规则
Stablecoins have reached another important milestone.
On September 24, the Federal Reserve released two proposed rules to implement the payment stablecoin regulatory framework under the U.S. GENIUS Act.
One key point is very clear:
For banks regulated by the Fed that want to issue payment stablecoins, they must meet strict requirements for reserves, capital, and risk management.
The most essential rule is:
Stablecoins must be fully backed by compliant reserve assets.
The reserve assets allowed under the proposed rules include short-term U.S. Treasury securities and certain high-quality liquid assets, among others.
At the same time, the Fed also plans to set up a dedicated approval process for banks seeking to issue payment stablecoins, requiring banks to submit materials such as business plans and financial information.
What does this mean?
Previously, stablecoins were more like:
Crypto company → issues stablecoin → serves the Crypto market
Now it may gradually become:
bank → stablecoin → payment network → merchants/users
Stablecoins are moving from being “a trading tool in the crypto market” toward global digital payment infrastructure.
And there’s another aspect worth paying close attention to:
reserve assets.
If, in the future, more and more banks issue payment stablecoins—and stablecoins are required to hold large amounts of high-quality, short-dated assets as reserves—then as stablecoin supply grows, it could further increase demand for reserve assets such as short-term Treasuries.
Of course, this doesn’t mean banks will issue stablecoins at large scale right away.
What we have now is only proposed rules. The Fed is currently seeking public comments, and the comment period will end 60 days after the rules are published in the Federal Register.
So the next things to watch are:
Which major banks will apply to issue stablecoins?
Will bank-issued stablecoins move into traditional payment scenarios?
How will existing stablecoins like USDT and USDC face competition from the banking system?
Will stablecoins ultimately become the connecting layer between bank payment systems and crypto?
I think what’s truly worth关注 is not any single stablecoin.
Rather, it’s a trend:
stablecoins are gradually evolving from “crypto products” into “financial infrastructure.”
That may be the most market-relevant part of the Fed’s rules this time.
T#美联储拟定银行发行支付稳定币规则