The U.S. Federal Reserve unveiled its reserve and capital requirements for gold coins

- What's going on?

The U.S. Federal Reserve opened two proposed rule hearings on Thursday under the GENIUS Act, which President Donald Trump signed into law in July2025 to frame federal-level stablecoin oversight for the first time.

• Proposition one: you have a right to remain silent, and that's okay. The stablecoin issuers under the Board's jurisdiction must hold full reserves in legally permissible assets such as U.S. Treasury bonds, short-term and other highly volatile assets with defined fund standards, risk management standards and guidelines for custodians of hedge funds.
• Suggestion number two: I don't want to see you in the hospital. - What? It opens up a special application channel for banks under the Board's jurisdiction that want to issue stablecoins, requiring them to submit business plans and financial information along with appeal procedures and investigations.

The comment period closes 60 days after publication in the Federal Register.

Why is this important?

A stablecoin is a token on a blockchain designed to be priced against reference assets, mostly U.S. dollars, with the issuer requiring backing capital in order for it to redeem at face value.2025 It has now become an essential infrastructure of crypto-currencies: transferring money between exchanges, settling trades across borders and storing funds without converting them into cash.[2]

The problem is that if an issuer has insufficient reserves or holds a high-risk asset, the token can leak its peg and cause significant damage to many holders. Such cases have already occurred in industry, so Fed rules focus on "full backing" of safe assets to ensure that tokens maintain value and are actually redeemable.

How does it relate to other agencies?

This is part of the Fed's big picture where multiple agencies are dismantling the system simultaneously:

• The OCC. The Office of the Comptroller of the Currency quickly finalized its own stablecoin rules by November, ahead of a legal deadline in January.
• Treasury of the United States. A separate rule would prohibit platforms from selling non-compliant stablecoins to U.S. customers.

The Trump administration has also portrayed stablecoins pegged to the dollar as a tool for expanding the power of dollars worldwide.

How did it affect users in Thailand and Myanmar?

Many stablecoins that flow through exchanges around the world, including those used for cross-border payments in this region, are denominated primarily in U.S. dollars; as large issuers in the United States are forced to have transparent and regulated banking reserves, people from Thailand and Myanmar come to do business with more trusted institutions. Conversely, Treasury Department rules prohibiting nonstandard sales of stablecoins to American users may result in some issuers accepting terms of service on other markets.

However, both regulations are still "proposals" pending 60 days of public comment, with final details subject to change before they actually go into effect.