New York regulator issued guidance on the issue of dollar-backed stablecoins
The requirements relate to reserves that back assets as well as the rules for the redemption of stablecoins
09.06.2022 - 06:50
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What’s new? The New York Department of Financial Services (DFS) has issued guidance on the issuance of stablecoins pegged to the US dollar. The document includes requirements for reserves that back stablecoins as well as the ability of their redemption. Additionally, according to the guidance, DFS will be able to ban or restrict the issuance of one or another stablecoin at any time.
What does the document say? Stablecoins must be fully backed by a reserve of assets, the market value of which is not less than the nominal value of the stablecoins in circulation. The issuer must also formulate clear rules for the redemption of assets at a 1:1 exchange rate. These rules must be approved by DFS.
The assets in the security reserve of stablecoin must be held in state financial institutions and must also be segregated from the assets of the issuer. It is noted that the reserves must consist of assets such as treasury bonds and funds on deposits with state institutions, and their composition must be vetted.
DFS will also assess risks related to cybersecurity, network design, and maintenance before authorizing the issuance of stablecoins.
In addition, according to the document, DFS will have the discretion to ban or restrict the issuance of certain stablecoins at any time. The agency noted that the aim of the guidance is to formalize consumer protection and ensure institutional sustainability.
At the end of May, Circle, the issuer of the USDC stablecoin, began publishing weekly reports on the asset’s reserves. According to the documents, USDC is fully backed by cash and US treasury bonds.
Japan’s parliament passed a bill clarifying the legal status of stablecoins and defining them essentially as digital money. According to the document, stablecoins must be backed by any legal tender and guarantee owners the right to redeem them at face value
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