Fed Proposes Capital, Redemption Rules for Stablecoin Issuers

This is the Fed moving from statutory mandate to operational rulebook, and the two-day redemption window is the detail that matters most: it effectively defines how much liquidity an issuer must hold against par claims, which shapes the cost of running a dollar token more than capital minimums do. It lands on issuers already navigating the GENIUS Act, and on the reserve-disclosure side, on the attestation and audit firms serving them. Whether the two-day window survives comment intact is the open question, since it sets the baseline every issuer will be measured against.