Graphic: NorthScope News. An editorial illustration or data graphic, not a photograph of the event.
Event or reference date: September 24, 2026
The Federal Reserve opened consultation on two stablecoin proposals on September 24, moving toward rules for issuers under its supervision as it implements the GENIUS Act.
One proposal would require payment stablecoins to be fully backed by permitted assets, including short-term Treasury bills and other specified liquid holdings. It also sets out capital and risk-management standards and addresses firms that hold reserve assets for issuers.
A second proposal covers the application process for supervised banks seeking approval to issue payment stablecoins, including business plans, financial information and procedures for appeals.
Redemption remains a central question
Governor Michael Barr supported the proposed rulemaking but asked for scrutiny of interest-rate and foreign-currency risks. His accompanying statement also calls for clear redemption rights in the final rules.
Barr’s concern is whether people can reliably convert their holdings back at face value, including during market stress. He also questioned how a proposed threshold for anti-money-laundering enforcement could affect supervision.
The rules are still proposals
The Fed says comments will close 60 days after publication in the Federal Register. That period is tied to Federal Register publication, rather than automatically to the September 24 announcement. The consultation does not mean these proposed requirements are already final.
Sources and reporting method
Federal Reserve proposals, September 24
Governor Michael Barr’s accompanying statement
Prepared with AI assistance from the public documents linked above. This article contains no on-scene reporting or independent interviews.
