Fed Proposed Full Reserve Backing for Payment Stablecoins Under GENIUS Act
Ринки 27.09.2026 21:54
On September 24, the U.S. Federal Reserve System unveiled two draft rules establishing a regulatory framework for the issuance of payment stablecoins under the GENIUS Act, which was enacted in the United States.
The first draft stipulates that issuers under the Fed’s supervision must fully back the stablecoins they issue with eligible reserve assets. These include, in particular, short-term U.S. Treasury securities and other high-quality liquid assets.
At the same time, the Fed proposes establishing standardized capital requirements for issuers to cover credit and operational risks, as well as requirements for risk management systems and rules for the custody of assets backing the stablecoins.
The regulator also intends to clarify which stablecoin transactions are permitted for banks under the supervision of the Federal Reserve System.
The second draft outlines the procedure by which banks under the Fed’s supervision can obtain authorization to issue payment stablecoins through subsidiaries. When submitting an application, banks will be required to provide a business plan, financial information, and other documents.
Thus, following the passage of the GENIUS Act, U.S. regulators are shifting from establishing a legislative framework to creating a practical mechanism for supervising issuers of digital dollars.
Federal Reserve Board member Michael Barr noted that payment stablecoins must be able to be redeemed reliably and quickly at face value even under conditions of market stress.
The introduction of uniform reserve requirements is particularly important for the largest market participants, as stablecoins are gradually moving beyond cryptocurrency exchanges and are being used more and more actively for payments, international transfers, and settlements.
The proposals are not yet final rules. The Fed has opened a public comment period that will last 60 days following the official publication of the documents in the Federal Register.
