NY Tackles Reserves and Redemption in Stablecoin Guidance

By Jon Hill (June 8, 2022, 9:50 p.m. EDT) – New York-licensed companies that want to issue US dollar-backed stablecoins will need to meet certain reserve, redemption and auditing requirements set out in new guidelines unveiled Wednesday by the state financial services regulator.

The New York State Department of Financial Services said the guidelines are the first of their kind to be issued by a US financial regulator and set out basic regulatory expectations for dollar-backed stablecoins issued under its oversight in New York. York.

This population already includes major coins like the Pax Dollar, Binance USD, and Gemini Dollar, but the guidelines would also apply to any additional stablecoins that DFS-regulated companies…

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