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Regulated Payment Stablecoins Become a Reality in the U.S.
FRB of St. Louis
2025.12.04
Approved stablecoin issuers are generally limited to four main activities: issuing stablecoins, redeeming stablecoins, managing reserves, and providing custodial or safekeeping services.

The GENIUS Act prohibits issuers from paying stablecoin holders yield or interest on their coins. Issuers also are prohibited from requiring a customer to purchase other products or services as a condition for issuing a stablecoin to that customer (also known as tying).

Each month, issuers are required to publish the composition of their reserves on their website. They also are required to publish their procedures and fee schedule for purchasing and redeeming stablecoins. All reports attesting to the state of an issuer’s reserves must be certified by the CEO and CFO of the issuing institution and must be examined monthly by a registered public accounting firm. Issuers with $50 billion or more in total stablecoin issuance must prepare annual audited financial statements.