According to CoinMeta, the Federal Reserve is establishing basic rules for stablecoin issuers under its supervision, requiring them to fully back their tokens with safe and liquid assets and to hold capital to cover operational risks. The Fed has opened a public comment period on two proposals to establish the regulatory framework required under the “Stablecoin Act,” which was signed into law by President Trump in July 2025. The first proposal requires payment stablecoin issuers under board supervision to hold all of their reserves in compliant assets such as short-term Treasury bonds, and establishes standardized capital requirements to address credit and operational risks. The second proposal will create a tailored application process for banks under board supervision that wish to issue payment stablecoins, requiring them to submit business plans and financial information, as well as establishing procedures for appeals, hearings, and final decisions.