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FollowingFederal Reserve proposes: Regulated stablecoin issuers need to process redemption requests within two working days
The Federal Reserve has proposed a proposal that requires stablecoin issuers under its supervision to complete the return of funds within two working days of receiving redemption requests. This regulation sets an upper limit on the operating time limit for issuers of stablecoins under the supervision of the Federal Reserve and clarifies the maximum waiting time for returning funds to holders.
Core Points
- The Federal Reserve's proposal stipulates that for regulated issuers, the time limit for processing stablecoin redemption is capped at two working days.
- The rule only applies to issuers under the Federal Reserve's supervision; the specific scope of application and effective date still depend on the finalization process of the proposal.
- Other reports pointed out that under the current issuer structure, a large number of stablecoin balances may face restricted redemption access, which is an independent issue worthy of attention.
Details of the Federal Reserve's stablecoin redemption proposal
The proposal establishes a clear maximum time frame: regulated stablecoin issuers must fulfill redemption obligations within two working days of submitting redemption applications. This time window is a cap rather than a target, meaning issuers can make redemptions faster, but this period cannot be exceeded under the proposed framework.
该规则的适用范围仅限于在美联储监管下运营的实体。处于该监管范围之外的机构不会直接受到此项特定要求的约束。这一区别至关重要，因为稳定币市场包含受不同联邦和州法规监管的发行人，而该提案似乎并未将所有相关方纳入其中。
此外，该提案与更广泛的立法活动并行推进。美联储在《GENIUS法案》框架下的稳定币规则制定也在同步进行，赎回时效要求似乎是围绕支付型稳定币构建的更广泛监管框架的一部分。
为何“两个工作日”的赎回窗口至关重要
明确的赎回窗口将非正式的行业期望转化为具有约束力的运营承诺。对于持有者而言，这确立了可预测的最大等待时间；对于发行人而言，则建立了一个合规基准，要求其通过充分的流动性管理来确保持续在该期限内满足赎回需求。
据行业媒体报道，虽然两日保证解决了赎回时效问题，但在当前的发行人安排下，大量稳定币价值仍处于无法便捷访问的结构之外。这表明该提案主要解决的是速度问题，而非 necessarily（未必）涵盖广泛的访问权限。
为了满足既定的时间表，发行人需要维持足够的流动性储备。这一运营要求可能会影响受监管发行人对其储备持有的结构设计，使其倾向于高流动性资产，而非那些可能无法在窗口期内变现的长期工具。
受监管稳定币发行人的后续发展
待解之谜
由于目前仍处于提案阶段，最终规则文本、生效日期以及具体的合规预期尚未确认。发行人和市场参与者应密切关注正式的公众评论期、任何关于范围的修订，以及美联储对行业反馈的回应，切勿将这两个工作日的窗口视为既定法律。
值得关注的下一步行动
关键的不确定性包括：最终规则是否会扩展到由其他联邦特许状监管的发行人；赎回时效要求将伴随怎样的储备组成标准；以及在赎回量激增的市场压力时期，执法力度将如何应用。
链上借贷协议面临自身流动性约束的平行 developments（发展），说明了赎回时效和流动性充足性正成为整个数字资产领域中的监管压力点。
