New York’s Crypto Regulator Publishes Formal Stablecoin Guidance

New York’s crypto regulator publishes formal stablecoin guidance. Stablecoins traded in the U.S. state of New York should be fully backed by certain assets, with these assets segregated from the issuers’ operational funds and attested to by an auditor regularly, according to new guidance issued by the state’s banking and finance regulator. The idea behind the guidance is to formalize both consumer protection and institutional soundness, NYDFS Superintendent Adrienne Harris told in an interview.