New York's Department of Financial Services has proposed a formal regulatory package to align its first-in-the-nation stablecoin framework with the federal GENIUS Act.
The proposed rule — titled "Authorized Payment Stablecoin Issuers" — retains the core requirements from the department's original June 2022 guidance, including one-to-one U.S. dollar backing, redeemability standards, permissible reserve assets, and independent audits.
Kaitlin Asrow, NYDFS's acting superintendent, announced the proposal on Tuesday.
What's new
The most significant new additions track directly from the federal implementing rules that Treasury, the OCC, and the FDIC have each proposed in the months since the GENIUS Act's passage.
