Summary
The Federal Reserve proposed two draft rules under the GENIUS Act and opened a 60-day public comment period. The first sets stablecoin capital and reserve requirements for Fed-supervised banks and clarifies permissible stablecoin activities, while taking a restrictive stance on stablecoin rewards (…
Key points
- Readers can grasp the real direction of US stablecoin issuance thresholds, reserve rules, and reward restrictions, and understand how far wallets, cards, and rewards programs can be designed in the future.
- By bringing stablecoins into a bank-grade reserve and capital framework, the Fed will directly determine issuers' cost structures and the compliance boundaries of rewards products.
- Stablecoin issuers must reassess reserve composition and compliance costs, while payment and card companies designing cash-back rewards must avoid restricted yield-based designs.
Editorial note
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