Forex
Fed Proposes Rulemaking Packages for Stablecoin Issuers Under GENIUS Act
The Federal Reserve has proposed two new rulemaking packages for payment stablecoin issuers under the GENIUS Act.
Board-supervised issuers would have to fully back tokens with permitted reserve assets and meet standardized capital and risk-management requirements.
The proposals are not final rules yet, with a 60-day public comment period ahead.
Fed Governor Michael Barr emphasized the need for clear redemption rights and strong safeguards in stablecoin issuance.