Fed Proposes New Stablecoin Rules Amid Growing Regulatory Pressure
The US Federal Reserve has proposed new rules for issuers of dollar-backed cryptocurrency tokens known as stablecoins. The proposal, which was released on September 24, 2026, is a result of last year's GENIUS Act, which established a federal regulatory framework for these tokens.
Under the proposed rules, payment stablecoin issuers under the Fed's supervision would be required to fully back their tokens with certain reserve assets, such as short-term Treasury bills. The proposal also includes capital requirements on stablecoin issuers to address credit and operational risks.
The new rules would introduce guidelines for Fed-supervised banks that custody reserves on behalf of stablecoin issuers. Additionally, the proposal outlines stablecoin-related activities that Fed-supervised banks can engage in, as well as a tailored application process for banks that want to issue their own stablecoins.