The Federal Reserve has advanced a regulatory proposal stating that the circulation of stablecoins will represent a direct cost of capital for supervised issuers. With a volume of one billion in circulation, the proposed base operational requirement amounts to twenty million before additional adjustments. This redefines the cost framework for institutional issuance. What to watch? The impact on the profitability of regulated issuers and the possible migration of capital to less restrictive jurisdictions. 📊💼 #Stablecoins #Regulación #Crypto #DeFi $BTC $ETH