Fed proposes stablecoin rules as CFTC clears tokenized assets

September 25, 2026 at 12:01 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The Federal Reserve on Thursday proposed rules requiring certain stablecoin issuers to fully back tokens with permissible reserve assets and establishing an application process for banks. The CFTC separately issued guidance allowing regulated firms to invest customer funds in tokenized assets and use blockchain for recordkeeping. Both proposals are open for a 60-day comment period.

Key Facts

The Federal Reserve's proposal would require certain stablecoin issuers to fully back tokens with permissible reserve assets such as short-term Treasury bills.
The Fed also proposed an application process for banks seeking to issue stablecoins, including submission of a business plan and financial information.
The CFTC guidance allows regulated firms to invest customer funds in tokenized assets that are functionally equivalent to traditional permissible assets.
The CFTC said it would not object to using blockchain or distributed ledger technology for official recordkeeping obligations.
Both the Fed proposals and CFTC guidance were released on Thursday and are subject to a 60-day comment period.

Federal Reserve Stablecoin Proposals

The Federal Reserve unveiled two proposals for stablecoin issuers on Thursday. One proposal would require certain issuers to fully back their stablecoins with permissible reserve assets, including short-term Treasury bills and other high-quality, liquid assets. It would also establish capital requirements for certain credit and operational risks of payment stablecoin activities. The second measure would create an application process for banks applying to issue stablecoins, requiring submission of a business plan and financial information. Both proposals are subject to a 60-day comment period.

CFTC Tokenized Asset Guidance

The Commodity Futures Trading Commission issued updated guidance on Thursday allowing regulated firms to invest customer funds in tokenized forms of permissible assets. The CFTC said firms must ensure the tokenized asset grants holders legal and economic rights that are the same or functionally equivalent to those of the traditional asset. The agency also stated that staff would not object if a records entity used blockchain or distributed ledger technologies to create and maintain onchain records. The guidance is part of a series of crypto policy moves by the CFTC under the current regulatory environment.