New Stablecoin Rules: Digital Currency Safety and Transparency.
This act establishes clear rules for digital currencies called stablecoins, which aim to maintain a stable value. It seeks to increase the safety and trust in these assets, protecting citizens' money and ensuring stablecoins are backed by stable reserves. This makes using them safer and more predictable.
Key points
Stablecoins must be 100% backed by secure assets like U.S. dollars or bank deposits, increasing their stability.
Companies issuing stablecoins will need to publicly disclose their reserves regularly and undergo audits, ensuring greater transparency.
The act defines who can issue stablecoins, including banks and specially licensed firms, to protect consumers.
In case of financial issues with a stablecoin issuer, holders of these currencies will have priority in recovering their funds.
Stablecoins will not be treated as securities, simplifying their regulation and potentially facilitating wider use.
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