New York's financial regulator issues new guidance on dollar-backed stablecoins
The New York Department of Financial Services has issued guidance outlining requirements for dollar-backed stablecoins.
Any stablecoin regulated by the DFS must be "fully backed" by a reserve of assets.
Issuers must set clear policies for the redemption of tokens into US dollars, and fulfill redemption requests within two days.
Firms that issue stablecoins must separate their reserve assets from their proprietary ones.
Stablecoins will also need to be audited by an independent certified public accountant.
New York's new policies come in the wake of the collapse of the popular stablecoin TerraUSD last month.
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