# Fed Proposes Stablecoin Rules With Full Reserves, Capital Charges

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/24344
Published: 2026-09-26T04:04:47.000Z
Updated: 2026-09-26T04:04:47.000Z
Section: Regulation

> The proposals would require one-to-one reserve backing, set risk-based capital charges and establish a tailored approval process for supervised banks seeking to issue stablecoins.

The Federal Reserve proposed two rulemakings Sept. 24 that would impose full reserve backing, capital charges and risk-management standards on payment stablecoin issuers and supervised banks.

Under the proposals, issuers would need reserve assets with a fair value at least equal to the par value of outstanding stablecoins. Eligible reserves would include U.S. dollar cash, Federal Reserve balances, certain insured deposits, short-term Treasury securities, qualifying repurchase agreements, eligible investment funds and some tokenized versions of those assets.

Issuers would generally have to offer redemption within two business days. Capital requirements would include a 2% charge on certain uninsured deposit claims and undercollateralized reverse repurchase agreements. Operational-risk charges would decline from 2% to 1.5% and then 1% as outstanding stablecoin volume rises through the specified tiers.

Banks seeking to issue payment stablecoins through subsidiaries would submit business plans, financial information and other materials under a tailored approval process. Federal Reserve Governor Michael S. Barr said stablecoins will only be stable if they can be reliably and promptly redeemed at par.

The proposals are not final rules. Public comments will be accepted for 60 days after publication in the Federal Register. The GENIUS Act’s effective date is the earlier of Jan. 18, 2027, or 120 days after final implementing regulations are issued.