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The Federal Reserve Board requested public comment on two proposals on 24 September as it develops rules for payment-stablecoin issuers under the GENIUS Act. One proposal would require full backing with permitted reserve assets and set capital and risk-management standards.
A second proposal would establish how Fed-supervised banks apply to issue stablecoins through a subsidiary, including required business and financial information and appeal procedures. The proposals also address firms safeguarding reserve assets and clarify permitted bank activities. Comments are due 60 days after publication in the Federal Register.