Regulation· ★★★★· neutral·

FedNow Moves Into Cross-Border Payments Without Putting Dollars on a Blockchain

  • —FedNow is preparing cross-border transaction support and enhanced ISO 20022 messaging
  • —In April the Fed proposed amending Subpart C of Regulation J to allow intermediaries beyond Reserve Banks
  • —On September 24 the Board requested comment on two proposals implementing the GENIUS Act
  • —Issuers would need full backing with short-term Treasury bills and other high-quality liquid assets
Why it matters: FedNow gives banks 24/7 dollar settlement without a blockchain, eroding a key selling point of stablecoins in payments.
#USDT#USDC
Source: Crypto News Flash
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