The New York State Department of Financial Services (DFS) has announced a new regulatory proposal aimed at upgrading and adjusting the state's current regulatory framework for USD stablecoins in accordance with the requirements of the GENIUS Act. The proposal retains New York's previous strict requirements for compliant USD stablecoins in areas such as asset backing, redeemability, permissible reserve asset types, and independent audits. At the same time, it introduces new federal provisions, including limits on the maximum proportion of reserve assets that can be held at a single custodian and mandates for issuing entities to establish a comprehensive risk management plan covering internal controls, information security, internal audits, asset growth, related-party transactions, and service provider arrangements. The proposal is now open for a 10-day pre-proposal comment period. https://www.(wublock123.com)/news/news-62534