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New York State Releases Policy for Issuance of US Dollar Stablecoins

 


New York-based financial regulator DFS on Wednesday released regulatory guidelines for stablecoins pegged to the U.S. dollar and issued by DFS-regulated companies. According to a statement by DFS, it is the first regulator in the United States to impose such requirements on a stablecoin issuer.


The requirements in the guidelines specify things like buybacks, reserves and certificates . It states that a stablecoin must be fully backed by reserves at the end of each business day and the issuer must have a buyback process that has been approved in writing by DFS in advance. This gives stablecoin owners the right to exchange the stablecoin for US dollars.


In addition, the issuer's reserves must be separate from its own assets and consist of US Treasury bonds or deposits with state or federal agencies. The reserves are to be checked monthly by an auditor.


These guidelines apply only to DFS-regulated issuers and limited purpose trustee holders operating in that state. Currently, these are Paxos Trust Company, issuer of the Pax Dollar (USDP) and Binance USD (BUSD); Gemini Trust Company, issuer of the Gemini Dollar (GUSD); and GMO-Z.com Trust Company, issuer of the Zytara Dollar (ZUSD). The guidelines do not apply to other stablecoins that may be listed by DFS regulated entities.


The so-called New York BitLicense is notoriously difficult to obtain and has been criticized by New York City Mayor Eric Adams. Some crypto companies moved to other US states when it was launched in 2015. DFS plans to significantly expand its virtual currency team this year to "remove delays in regulatory processes and ensure operational excellence across the virtual currency division."

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