New York to Align Its Stablecoin Rules With Federal Framework

New York is looking to bring its existing guidelines for operating payment stablecoins in line with new federal requirements.

New York-chartered stablecoin operators will have to also comply with rules established by the Office of the Comptroller of the Currency and other federal standards to support asset-backed digital currencies with reserves and restrict rewards programs and yield payouts under a Tuesday proposal from the state’s Department of Financial Services.

Those and other requirements were mandated by the GENIUS Act (Public Law 119-27), a stablecoin measure President Donald Trump signed into law last year.

Payment stablecoin companies operating under ...