#美国稳定币法案

Registration and Regulatory Mechanism:

• Unified Registration System: Specific requirements include:

• Registration System: Issuers must register with the Federal Reserve to become federally recognized stablecoin issuing institutions. The Federal Reserve has the authority to approve, deny, or revoke registrations, especially in cases of systemic risk.

• Regulatory Content: The Federal Reserve conducts ongoing reviews of issuers' reserve structures, capital ratios, solvency, risk management policies, etc., ensuring that reserve assets are high-quality liquid assets (such as cash, short-term government bonds, Federal Reserve deposits) and cannot be used for lending or high-risk investments.

• Diverse Compliance Paths: The bill establishes multiple compliance paths for different types of institutions, including federally recognized payment stablecoin issuing institutions, licensed bank issuers, and state-licensed institutions, although the latter must accept federal registration and supervision.

• Transparency and Auditing: Issuers are required to regularly disclose reserve asset information, undergo independent audits, and provide regulatory reports to ensure reserves are sufficient and accurate. This unified registration and ongoing review mechanism aims to prevent inaccurate reserves, credit crises, and systemic risks, reinforcing the legitimacy and financial stability of dollar stablecoins.

Prohibition of Interest-Bearing Stablecoins:

• The bill prohibits stablecoins from paying interest to users to prevent them from being considered securities, with violators facing hefty fines.

Although paying interest to users is prohibited, stablecoin issuers may retain the earnings generated from their reserve assets.