The U.S. Federal Reserve has proposed a new regulatory framework that sets capital, operational, and disclosure requirements for stablecoin issuers under its supervision, as part of implementing the GENIUS Act.
The move comes after the law already established the principle of 1:1 backed reserves and specified the types of assets that are allowed to be held, such as cash, bank deposits, and short-term U.S. Treasury bills. However, broader details related to capital, reserve diversification, and risk management were left to federal regulators.
What does the proposal include?
According to the proposal, issuers will face a capital burden linked to operational risk, through specific tiers:
• 2% of the first $20 billion of outstanding stablecoins.
• 1.5% of the next tier of $30 billion.
• 1% of any amounts above $50 billion.
In addition, additional capital requirements related to credit risk and operational risk will be imposed, meaning that compliance will not be limited to the size of issuance only, but will also extend to the nature of the risks the issuer bears.
A redemption window of no more than two business days
Among the key proposed provisions is requiring issuers to process redemption requests within two business days in most cases. This reflects a clear move toward enhancing stablecoins’ ability to be redeemed quickly—an essential element for user trust and for their role as a payment tool.
If reserves fall below the required coverage level by a 1:1 ratio, the issuer must notify the Federal Reserve, and then either rebuild reserves under a corrective plan or liquidate assets and redeem the existing stablecoins.
Monthly disclosures and independent audit
The proposal also calls for a higher level of transparency, as issuers will be required to publish monthly reports detailing the amount of outstanding stablecoins, the value of reserves, and their composition. These disclosures must be reviewed by a registered public accounting firm, and certified by both the CEO and the CFO.
Meanwhile, a separate proposal includes a regulatory pathway for banks supervised by the Federal Reserve that want to issue payment stablecoins through subsidiaries, provided they submit a business plan and financial information as part of the approval request.
Who is affected? And what is the timeline?
The direct impact will affect stablecoin issuers supervised by the Federal Reserve, as well as banks that may seek to enter this activity through affiliated entities. For the market, these rules could reshape compliance costs and liquidity and reserves management for issuers within the United States.
The proposals are open for public comment for 60 days after publication in the Federal Register. As for the GENIUS Act, it is set to take effect on January 18, 2027, or after 120 days from the issuance of final implementing rules by the federal agencies—whichever comes first.
A Federal Reserve Board governor, Michael Barr, said he supports the proposal, but noted that more work is still needed before stablecoins become fully reliable payment instruments. He also called for clarifying comprehensive redemption rights in the final rule and for reviewing whether the proposed framework adequately addresses interest-rate risk and foreign-exchange risk.
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