The Fed's Stablecoin Rulebook: Backing, Capital, and a Tying Ban

What happened

The Federal Reserve has proposed rules to implement the GENIUS Act for the payment stablecoin issuers it supervises. Published in the Federal Register on 29 September 2026, the plan sets reserve, capital, and tying requirements, with comments due 30 November 2026.

Proposed

Global impact / market context

Stablecoin issuers would face new reserve, capital, and tying rules, which means they must hold specified assets and meet financial buffers, potentially raising their costs and changing how they manage cash and business relationships.

Analyst inference

The proposal is not final and awaits public comments until 30 November 2026, so issuers and investors face uncertainty about future compliance costs and business models, which may affect planning for stablecoin-related products and services.

Analyst inference

What to watch

1. The comment period ends on 30 November 2026, after which the Federal Reserve may revise or finalize the proposed rules, determining when they take effect. Confirmed
2. The proposed reserve, capital, and tying requirements would impose new obligations on supervised stablecoin issuers, which means they must hold certain assets, maintain financial buffers, and avoid specified ties. Proposed
3. Issuers may adjust their reserves, capital, and partnerships in response to the proposal, potentially affecting their costs, revenue, cash available, and competitive position in the stablecoin market. Analyst inference

Affected assets

• GENIUS — Genius

Evidence

• coinpaprika.com