The offices of Chairwoman Maxine Waters (D-Calif.) and the panel’s ranking Republican, Patrick McHenry (R-N.C.), have preliminarily agreed that stablecoins should be directly reinforced with assets such as cash and U.S. Treasury bonds that won’t be vulnerable in a panic, said the person, who requested anonymity because the legislation hasn’t yet been released to the public. The firms issuing them would also have to maintain capital, liquidity and open themselves to agency supervision, the person said.
Stablecoin Firms Face Tough Reserve, Capital Demands in US Bill, Source Says
