Fed stablecoin proposal sets 48-hour clock for forced reserve liquidation

• —Issuers breaching 1:1 backing get 24 hours to notify the Fed and submit a recovery plan
• —Reserve liquidation and redemptions must start by 5 p.m. the next business day, under 48 hours
• —Minting may continue during the rescue window to avoid an on-chain distress signal
• —The OCC proposes the opposite: immediate halt to net issuance and 15 business days before liquidation