Regulation · Instrument · New York · Guidance · New York State Department of Financial Services

NYDFS Industry Letter: Guidance on the Issuance of U.S. Dollar-Backed Stablecoins (8 June 2022)

Baseline conditions for dollar stablecoins issued by NYDFS-regulated entities: reserves at least equal to outstanding coins at each day's close, segregated with US depository institutions or custodians and limited to short-dated Treasury bills, Treasury-backed overnight reverse repo and bank deposits; DFS-approved redemption policies giving holders timely redemption at par; and monthly independent CPA attestation of reserves. The proposed Part 202 would replace it once in effect.

In force · effective 8 Jun 2022 · part of New York virtual currency regime (BitLicense, 23 NYCRR Part 200, and limited purpose trust charters)