Fed Proposes New Limits on Stablecoin Rewards Paid via Third Parties

• —Fed opened a 60-day comment period on two GENIUS Act rule drafts on Sept. 24
• —One draft would bar certain stablecoin rewards paid through third parties
• —The Fed says its approach aligns with the OCC's proposal on prohibited payments
• —Fed Governor Barr: stablecoins must be redeemable at par even under market stress