A proposed Federal Reserve framework would treat stablecoin circulation as a capital cost for supervised issuers, according to CryptoSlate. The publication said the proposal includes an operating-risk baseline tied to the amount of stablecoins outstanding and the issuer’s non-reserve revenue. Under the example cited, an issuer with $1 billion in circulation and no non-reserve revenue would face a $20 million operating-risk baseline before adjustments. The figure represents the baseline described in the proposal and does not include any subsequent adjustments. The framework’s potential effect is therefore focused on the capital requirements associated with maintaining stablecoin circulation for supervised issuers. The report was published on Sept. 26, 2026.
