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Federal Reserve proposes stablecoin reserve and capital rules
The Fed’s proposals would require Board-supervised payment stablecoin issuers to back tokens fully with permissible safe, liquid assets and set standardized capital requirements, with a 60-day public comment period.
The Federal Reserve proposed new rules for stablecoin issuers it supervises, calling for tokens to be fully backed by safe, liquid assets and for issuers to hold capital against risks tied to their operations, according to Decrypt.
The Fed said the proposals are part of building the regulatory framework required under the GENIUS Act, the stablecoin law President Donald Trump signed in July 2025, and it opened two separate items for public comment.
One proposal would require Board-supervised payment stablecoin issuers to hold reserves entirely in permissible assets, including short-term Treasury bills and other high-quality, liquid holdings, and it would set standardized capital requirements covering credit and operational risks, risk-management standards, and rules for firms that safekeep the backing assets.
The second proposal would create a tailored application process for Board-supervised banks seeking to issue payment stablecoins, requiring a business plan and financial information, and it would include procedures for appeals, hearings, and final decisions, with comments due 60 days after publication in the Federal Register.