New York is looking to bring its existing guidelines for operating payment stablecoins in line with new federal requirements.
New York-chartered stablecoin operators will have to also comply with rules established by the Office of the Comptroller of the Currency and other federal standards to support asset-backed digital currencies with reserves and restrict rewards programs and yield payouts under a Tuesday proposal from the state’s Department of Financial Services.
Those and other requirements were mandated by the GENIUS Act (Public Law 119-27), a stablecoin measure President Donald Trump signed into law last year.
Payment stablecoin companies operating under …
