Main menu


New York lawmakers set new rules for issuing StableQueen

 The New York State Financial Services Authority has issued new legal requirements and requirements for dollar-backed StableCoin exporters. This guideline is based on informal policies that have been in place since 2018.

The New York State Financial Services Authority (DFS) became the first US Treasury legislature to issue guidelines on the legal requirements for stable dollar-backed currencies.

This guideline is based on informal policies that have been used by DFS since 2018. This guideline sets out the "basic requirements" for all DFS-supervised stable coin exporters, and companies that will apply for registration in the future. According to New York State Treasurer Adrienne Harris, the guideline sets clear criteria for digital currency companies that are seeking to issue dollar-backed Stables.

This instruction has three main components. The first component states that all stable coins that are regulated by DFS must be fully backed by reserves of different assets. This means that at the end of each business day, the stock market value should be equal to the number of stable coin units. Exporters should also have clear policies in place to repurchase tokens in US dollars and make repurchases within two days unless unusual circumstances arise.

Under the guidelines, companies that issue dollar-backed StableCoins must also separate their holdings from their own holdings and include those holdings in specific assets, such as US Treasury bonds, the US Treasury bonds repurchase agreement, Maintain government and deposit accounts in the United States.

Stable coins must also be audited by a licensed, independent public auditor and approve management statements on a monthly and annual basis.

In addition, the guideline states that merely providing and meeting these requirements does not mean following the law, and DFS says it considers a wide range of potential risks before licensing the issuer of StableQueen.

New York State policies have been in place since the collapse of the UST Stable Coin last month. US policymakers have not yet enacted Stable Queen laws, but the collapse of the UST and the general regulation of Stable Coins has been a major issue in the US Congress.