The Fed has drafted stablecoin rules. Who can qualify to issue one? - Crypto News

The Federal Reserve has drafted rules governing who may issue stablecoins, according to Crypto News. The framework addresses a central question for the market: which entities can qualify to issue a token designed to hold a stable value, typically by referencing a fiat currency.

The details matter because stablecoins sit at the intersection of crypto trading and traditional payments. Issuance standards can shape competition among banks, fintech firms, and crypto-native companies, and they can influence how these tokens are used for settlement, collateral, and liquidity across digital-asset venues. A formal Fed draft signals that U.S. regulators are moving from broad discussion toward a defined process.

What to watch: the specific eligibility criteria, reserve and redemption requirements, and how the rules interact with existing state and federal oversight. Also watch whether the draft invites public comment and how market participants respond. For now, the practical takeaway is procedural — the rules are a draft, not final, so the eligible-issuer landscape remains uncertain until the details are confirmed.