Summary
The US Federal Reserve on September 24 issued two draft rules for public comment, establishing a framework for Fed-regulated payment stablecoin issuers. The first requires stablecoins to be fully backed by high-quality liquid assets such as short-term US Treasury bills, and sets standardized capita…
Key points
- This is a key step completing the federal stablecoin regulatory map after the OCC, FDIC, NCUA, and Treasury, directly determining the capital, redemption, and custody conditions for stablecoin issuance within the banking system.
- The Fed drafts bring stablecoins out of the gray zone into existing bank regulatory logic, with an early-2027 enforcement node that will reshape the compliance cost structure for issuers, custodians, and payment firms.
- For banks and non-bank issuers, the capital ladder, two-day redemption window, and mandatory liquidation clauses will raise the bar, potentially concentrating compliant stablecoins among large banks; payment and wallet firms need to adjust reserve assets and redemption design in advance.
Editorial note
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