稳定币：美联储提出两天赎回规则

The Federal Reserve proposes a two-day redemption period for stablecoin issuers

On September 24, 2026, the Federal Reserve Board (Fed) proposed to stablecoin issuers within its supervision that redemption must be completed within two working days. The plan contains exceptions and still requires a consultation process. Therefore, this period does not currently constitute a mandatory obligation applicable to all U.S. dollar stablecoins.

A quick overview of core points

2 working days: This is the deadline set by the Federal Reserve for issuers under its supervision to fulfill their redemption obligations, with only a very narrow range of exceptions allowed.

100%: The issuer's reserve assets must always be at least equal to the entire face value of its tokens in circulation.

US$307.1 billion: According to data from DefiLlama, as of October 5, 2026, the market value of global stablecoins in circulation is approximately US$307.1 billion.

November 30, 2026: Deadline for public submission of comments on the Fed proposal.

Detailed rule analysis: redemption, reserves and capital requirements

The document published in the Federal Register on September 29 clarified the Federal Reserve's redemption, reserves and capital rules on stablecoins. These provisions are intended to implement the GENIUS Act, which Cointerbune previously introduced during the Senate voting phase. Another proposal regulates the approval process for relevant bank subsidiaries.

Payment mechanism: two-working-day principle and exceptions

stablecoins are designed to remain stable in value relative to reference assets (here, currencies). "Cashing" refers to obtaining this fixed value from the issuer, which is different from selling it on the platform at the market price.

The plan stipulates that the normal redemption period is two working days after the request date . This is for redemption made by the issuer or its representative, not for transactions between buyers and sellers. Fast transfers and fiat payments on the blockchain are two different operations.

However, Section 247.12 provides exceptions. Additional time may be required for identity verification or sanctions compliance checks. An extension may also be granted if the delay is beyond the issuer's control and is acceptable after reasonable efforts to resolve it. However, the mere increase in the number of requests is not sufficient to justify an exception.

In addition, the Fed itself can extend the deadline to protect the soundness of issuers, financial stability, or the public interest.

Reserves and capital adequacy ratios require

The value of reserve assets should always cover at least 100% of of the nominal value of stablecoins in circulation . For example, if you issue US$1 billion in tokens, you need to hold at least US$1 billion in qualifying assets.

The Federal Reserve Services Memorandum states that eligible assets include US dollar cash and balances at the Federal Reserve. Treasury bonds with a remaining maturity of 93 days or less are also recognized. Deposits from insured institutions and certain investments guaranteed by treasury bonds are also allowed. Insured bank deposits may exceed the insurance limit.

Capital is used to absorb losses. Capital requirements based on the size of the issue are partially as follows: the first $20 billion started at 2%, the next $30 billion fell to 1.5%, and then further fell to 1%. But this does not cover the general requirements: factors such as income other than reserves, operating losses and credit risk are also involved. Full calculations are provided in project sections 247.15 to 247.18.

In addition, the interest ban is also a key target. Issuers may not pay fees solely for holding, using or hosting their stablecoins. The text also extends to certain arrangements with third parties, but does not prohibit all paid services that use stablecoins.

Scope of application and market landscape

The Federal Reserve's prudential supervision rules are mainly for authorized subsidiaries of state-chartered banks, Federal Reserve member banks, and institutions with protected deposits. These rules are also extended to some uninsured state-chartered deposit institutions, transferring them to the federal regulatory system. The terms on affiliated sales in the project are broader and cover all authorized issuers.

For other participants, the competent authority depends on their status. The following two examples illustrate that the stablecoin brand name alone is not enough:

• According to Tether's announcement on January 27, 2026, USA is issued by Anchorage Digital Bank. This token for the U.S. market is different from the USDT.
• Circle announced on July 10 that it had received final approval from the Office of the Comptroller of the Currency (OCC, the national banking regulator) for its National Trust Bank. The announcement first describes asset custody activities, and reserve management is regarded as a follow-up matter. This alone cannot be concluded that the USDC issuance is now under the bank's jurisdiction.

The market size far exceeds the scope of the Federal Reserve's single supervision. According to data consulted by DefiLlama on October 5, 2026, the total market value of stablecoins reached approximately US$307.1 billion. Among them, USDT accounted for US$184 billion and USDC accounted for US$74.2 billion.

Comparative analysis under the EU MiCA framework

Faced with the Federal Reserve's stablecoin proposal, the relevant European reference is electronic money tokens (EMTs), which point to a single official currency and do not refer to all crypto assets classified as stablecoins.

Comparative Dimensions Federal Reserve Proposal (for Relevant Issuers) EU MiCA Regulation (for EMTs) Remuneration Rights Within two working days after the request date, including exceptions In accordance with Article 49, Enjoy equal redemption rights at any time Asset coverage Eligible assets cover at least the nominal value of the token Article 54 stipulates that at least 30% of the funds are deposited in segregated accounts with credit institutions; The rest of the funds are placed in safe, liquid and low-risk assets Interest limits Prohiers are prohibited from paying fees solely for holding, using or custody; third-party arrangements are also included Under Article 50, issuers and crypto asset service providers are prohibited from charging such fees

Data source: Federal Reserve Proposal;MiCA Articles 49, 50, and 54. Data is as of October 5, 2026.

The EU's 30% threshold does not mean that the overall coverage rate is 30%, but refers to the proportion of funds distributed. According to Article 58, electronic money institutions issuing major EMTs will need to meet additional requirements.

Billion Dollar Threshold and Legislative Process

Source of the Billion Dollar Threshold: This threshold does not come from the Federal Reserve's stablecoin rules, but from the law itself. The GENIUS Act opens a path for state regulation. It applies to issuers with consolidated outstanding balances of no more than US$10 billion (provided that the local system has been certified). Transition and exemption mechanisms still exist after thresholds are exceeded.

Interim rules issued by the Ministry of Finance on September 30 organize the review of these certifications. The rule does not create this threshold, but takes effect on the same day. However, the text stipulates that a prerequisite for acceptance of certification is approval by the administrative department of data collection.

Regulatory debate and future timetable

The debate also focuses on how to effectively protect the rights and interests of holders. Federal Reserve Governor Michael Barr supported the Fed's stablecoin proposal and called for clear redemption rights. He criticized standards that limit certain regulatory interventions to anti-money laundering failures that are deemed significant or systematic.

"Only when it can be reliably and quickly redeemed at face value under various circumstances can stablecoins truly remain stable."

--Michael Barr, Federal Reserve Governor, Statement on September 24, 2026

Issue regulation is accompanied by broader debate on the impact of stablecoins on monetary policy. In terms of timing, Jonathan Gould announced in August that the Office of the Comptroller of the Currency (OCC) planned to issue final rules in November. This is a published timetable rather than a firm guarantee of adoption.

The Federal Reserve's consultation on stablecoins will end on November 30, 2026 . The GENIUS Act will take effect no later than January 18, 2027 . If the final federal rule is passed within 120 days, the bill can be applied early. Some provisions have their own independent schedules.