The New York State Department of Financial Services (NYDFS) has proposed new rules for dollar stablecoins this week, aiming to bring its regime into line with the GENIUS Act and win federal certification so it can keep supervising issuers. The timing matters for one of the largest names in the market. Even though Circle has secured a provisional national trust charter from the Office of the Comptroller of the Currency (OCC), it plans to issue USDC through a New York trust that has yet to be approved. That keeps the state central to stablecoin issuance.
The proposal includes a handful of requirements that are tougher than the federal baseline, while building most of the rest on the OCC’s federal rulebook proposals, a reliance that state regulators have already warned against.
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