Stablecoin Regulation: Transparency and Accountability in the Digital Economy
This act introduces new rules for digital currencies called stablecoins, which are designed to maintain a stable value. It aims to provide greater security and stability for individuals using these digital assets, protecting their money and increasing trust in digital payments. It defines who can issue stablecoins and what reserves they must hold to ensure their stability.
Key points
Only approved institutions (banks, bank subsidiaries, or special non-bank entities) will be allowed to issue stablecoins, aiming to increase security and reliability.
Stablecoin issuers must maintain 1:1 reserves (e.g., in US dollars, Treasury bonds), ensuring that stablecoins can always be redeemed for a fixed value.
Strict transparency requirements are introduced, including monthly reports on reserve composition, allowing citizens to verify if their stablecoins are adequately backed.
Stablecoins are not covered by federal deposit insurance (like traditional bank accounts), which will be clearly disclosed to avoid misunderstandings.
Financial penalties and prohibitions on operations are introduced for entities that do not comply with the new regulations, aiming to protect users from fraud.
A two-year moratorium is placed on new stablecoins that rely solely on other digital assets created by the same originator, to prevent unstable structures.
The act aims to facilitate international stablecoin transactions through agreements with foreign regulators, potentially reducing the cost of cross-border remittances.
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