The final comment window on the draft stablecoin rulebook opened this week, giving issuers, banks and consumer groups a last formal opportunity to shape requirements that will govern reserve composition, redemption timelines and third-party attestation.
At the centre of the draft is a narrow definition of eligible reserve assets. Short-dated government paper and central bank deposits would qualify; commercial paper and secured lending would not, a change from earlier proposals that permitted limited exposure to both.
Industry submissions published so far have concentrated on redemption mechanics. Several issuers argue that a same-day redemption obligation is workable for institutional counterparties but impractical for retail flows routed through intermediaries.
Consumer advocacy groups have pushed in the opposite direction, calling for the obligation to be tightened and for attestations to be published monthly rather than quarterly.
Officials have signalled that the substance of the reserve provisions is unlikely to change. The open questions concern implementation periods and whether smaller issuers receive a phased compliance schedule.
