New York financial regulators issue official guidelines for stable currency

source /theblock

compile /Nick

New York Financial Services Department （DFS） Become the first financial regulator in the United States to issue guidelines , Outlines the compliance requirements for dollar supported stable currencies .

According to the new guidelines issued by New York State Banking and financial regulators on Wednesday , Stable currencies traded in New York State should be fully supported by certain assets , These assets are separate from the issuer's working capital , And periodically certified by auditors .

This guide is based on DFS since 2018 Based on the informal policy used since , For the time being DFS Any stable currency issuer under supervision and any company applying for supervision in the future have set “ Baseline requirements ”. The state director of financial services Adrienne Harris Express , it “ Set clear standards for virtual currency companies that want to issue stable currency backed by US dollars in New York ”.

This file contains three main parts . First , Any person affected by DFS All regulated stable currencies must have asset reserves “ Fully support ”, This means that the market value of the reserve is equal to the face value of the stable currency unit at the end of each working day . The issuer must also have a clear policy for redeeming tokens in dollars , And complete the redemption request within two days ,“ A special case ” With the exception of .

Under this guidance , Companies that issue dollar backed stable currencies also need to separate their reserve assets from their own assets , And hold these reserves in specific asset classes , U.S. Treasury bills, for example 、 Reverse repurchase agreements fully collateralized by U.S. Treasury bills, etc .

The guide also states , Meeting these requirements alone does not necessarily guarantee compliance . The Department said , Before authorizing the issuance of stable coins , It will consider “ A range of potential risks ”. 

The new policy in New York is to stabilize the currency last month TerraUSD After the crash . U. S. policymakers have yet to issue rules specific to the stability currency , but TerraUSD The collapse of and more generally the regulation of a stable currency have been the subject of recent congressional hearings .

---

Recommended reading ：

DeFi To risk ： Analyze systematic risks in decentralized system

2022 year 5 month Web3 Industry monthly development report blockchain | Exclusive for gyro technology members

Web3 Still in its early stages , Is that really the case ？

Stable “ Failure ”, Highlight the need for cryptocurrency auditing standards

Hacker targeting Discord, well-known NFT Successive attacks on channels