The Fed's new stablecoin proposal changes the game entirely by treating token circulation as a direct capital cost for supervised issuers. With massive baseline operating-risk requirements kicking in early, smaller players could get squeezed out. This move heavily favors deeply capitalized traditional financial institutions over crypto-native firms, potentially reshaping who dominates the digital dollar landscape moving forward. Regulation is tightening fast. $USDC $USDT #Stablecoins #Regulation #FederalReserve