Fed Proposes Stablecoin Rules Under GENIUS Act, Flags Redemption Risk
- —Fed opened comment on two stablecoin proposals on September 24
- —First proposal requires full backing with short-term Treasuries and liquid assets
- —Second sets approval, hearing and appeal procedures for bank issuers
- —Barr: universal redemption rights must be explicit in the final framework
Why it matters: The rules would set reserve and redemption standards for US bank-issued stablecoins and could raise issuance costs.
Source: Coindoo
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