The U.S. Federal Reserve (Fed) has unveiled an initiative to significantly tighten regulatory requirements for stablecoin issuers operating within the country. The new proposals encompass stringent standards for reserve backing, capital maintenance, and compliance procedures, marking a major milestone in establishing a unified legal framework for the crypto industry.
New Reserve and Capital Requirements
According to the published draft rules, issuers of digital assets pegged to fiat currencies will be required to back 100% of the value of issued coins with highly liquid assets. The permitted backing portfolio includes short-term U.S. Treasury securities and similar high-quality financial instruments. Additionally, the Fed insists on introducing additional capital requirements to cover potential credit and operational risks that inevitably arise when conducting payment transactions using stablecoins.
Conditions for Commercial Banks
Particular attention in the document is paid to the activities of commercial banks expressing interest in issuing their own digital currencies. Financial institutions will have to go through a complex and multi-stage pre-approval process by the regulator. To obtain the relevant authorization, banks will need to provide detailed business plans, comprehensive financial statements, and exhaustive documentation confirming their operational readiness to work with the new instruments.
Crypto Policy Context and the Genius Act
These initiatives build upon the trend toward integrating digital assets into the traditional U.S. financial architecture, which noticeably accelerated following the enactment of the landmark Genius Act in 2025. This law laid the foundation for the legal regulation of stablecoin issuance, and the Fed's current steps are designed to detail technical standards and safety requirements for all market participants.
Contradictory Data
Discussions continue within the expert community and specialized media regarding the timing and completeness of implementing KYC (Know Your Customer) and AML standards. While some sources point to an immediate tightening of user verification requirements akin to traditional financial institutions, other analysts note that the current Fed draft focuses primarily on macroprudential liquidity and capital metrics, leaving customer identification issues within the purview of related regulatory acts.
Public Comment and Prospects
The proposed package of regulatory measures is currently open for official public comment, which will last for 60 days. Upon expiration of this period, the Federal Reserve will analyze feedback received from market participants and experts before proceeding to approve the final version of the regulations determining the future of stablecoins in the American jurisdiction.
