[Federal Reserve Proposes Banks Back Payment Stablecoins with At Least $1 Reserve for Every $1 Token] Golden Finance reported on September 25 that the U.S. Federal Reserve Board (Federal Reserve) plans to establish rules for payment stablecoins issued by banks, requiring each $1 token to be backed by at least $1 in approved reserve assets and generally allowing customer redemptions to be completed within two business days. Issuers that consistently fall below the minimum capital requirements may be required to liquidate reserve assets and redeem all tokens. Reserve assets may include U.S. dollars, Federal Reserve bank balances, certain bank deposits, U.S. Treasury securities with a remaining maturity of no more than 93 days, eligible repurchase agreements, and qualifying investment funds. Tokenized forms of some assets may also be included. If reserves are insufficient, issuers must notify the Federal Reserve and restore full backing; otherwise, they will need to liquidate reserves and redeem dollar-pegged tokens. The Federal Reserve proposes requiring issuers to allocate standardized capital for operational and certain credit risks, with a capital charge of 2% for the first $20 billion of issued stablecoins and 1% for amounts exceeding $50 billion. Another proposal allows state member banks with preserved deposits to apply for the establishment of subsidiaries to issue payment stablecoins. The 'GENIUS Act' stipulates that once an application is substantively complete, the Federal Reserve must make a decision within 120 days. Federal Reserve Governor Michael Barr stated that stablecoins should be reliably and promptly redeemable at face value under various market conditions and issuer challenges, and he emphasized the need for final rules to clearly define universal redemption rights. He also expressed concerns about the threshold for anti-money laundering deficiencies, which must reach a 'significant or systemic' level to trigger regulatory or enforcement actions. The public comment period will last for 60 days following publication in the Federal Register.