Stablecoin issuers who fail to register could face up to five years in prison and a fine of $1 million.
by being backed by specific assets or using algorithms to adjust their supply based on demand. Stablecoins were introduced in 2014 with the release of the BitUSD.
Among the factors for approval are the ability of the applicant to maintain reserves backing the stablecoins with U.S. dollars or Federal Reserve notes, Treasury bills with maturity of 90 days or less, repurchase agreements with maturity of 7 days or less backed by Treasury bills with maturity of 90 days or less, as well as central bank reserve deposits.
Also, as part of the drafted legislation is a two-year ban on issuing, creating or originating stablecoins not backed by real assets. It also establishes that the Treasury Department would conduct a study regarding"endogenously collateralized stablecoins."
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