The U.S. Federal Reserve released two draft rules on payment stablecoins on 24 September 2026, one year after Congress passed the GENIUS Act, according to KuCoin News (citing MarsBit). The first draft rule sets enforceable requirements for reserve assets, redemptions, capital, custody and ongoing reporting for stablecoin issuers; the second sets out how Fed-supervised banks may apply to establish subsidiaries for stablecoin issuance. A 60-day public comment period opens once the drafts are published in the Federal Register.
Under proposed rule 12 CFR §247.11, issuers must value their reserves at fair value at least once daily — at 5:00 p.m. in the time zone of the supervising Federal Reserve Bank — and reserve value may never fall below the redemption value of outstanding stablecoins. Eligible reserve assets are narrowly defined: cash, balances at Federal Reserve banks, qualifying bank deposits, U.S. Treasury securities maturing in 93 days or less, qualifying repo/reverse-repo agreements, and specific money-market funds. Issuers may withdraw excess reserves only monthly, after review and certification.
Under proposed rule 12 CFR §247.12, issuers must publicly disclose their redemption policy and complete redemption payments within two business days of a valid request. The rules also require weekly reporting and compliance with CFT (Countering the Financing of Terrorism) standards.
For anyone who relies on US-dollar stablecoins for cross-border remittance or payment — a growing channel among Zagdim’s overseas-property and relocation readers — the two business-day redemption ceiling and the narrow reserve-asset list are the concrete numbers to track once the rules are finalised; they apply directly to issuers and Fed-supervised banks and will shape how quickly and reliably a stablecoin balance can be converted back to cash.
