Fed Proposes GENIUS Act Stablecoin Reserve Rules for Banks
Summary :
Fed-supervised issuers must maintain 100% reserve backing using short-term U.S. Treasury bills and eligible liquid assets.
Insured state member banks must apply through Federal Reserve Banks to issue stablecoins via dedicated corporate subsidiaries.
Federal Reserve receives 30 days to review application completeness and 120 days to issue a final regulatory decision.
Public comment period spans 60 days following publication of the twin proposals in the Federal Register.
Regulatory proposals follow an August pledge by a 21-bank consortium aiming for a 2027 U.S. dollar stablecoin rollout.
https://bitnxt.io/crypto-news/fed-proposes-genius-act-stablecoin-reserve-rules
#Bitnxt
Summary :
Fed-supervised issuers must maintain 100% reserve backing using short-term U.S. Treasury bills and eligible liquid assets.
Insured state member banks must apply through Federal Reserve Banks to issue stablecoins via dedicated corporate subsidiaries.
Federal Reserve receives 30 days to review application completeness and 120 days to issue a final regulatory decision.
Public comment period spans 60 days following publication of the twin proposals in the Federal Register.
Regulatory proposals follow an August pledge by a 21-bank consortium aiming for a 2027 U.S. dollar stablecoin rollout.
https://bitnxt.io/crypto-news/fed-proposes-genius-act-stablecoin-reserve-rules
#Bitnxt
