The US Department of the Treasury has circulated a draft regulatory proposal that would require all stablecoin issuers operating in the United States to undergo monthly reserve audits conducted by registered public accounting firms. The proposal also mandates real-time reserve attestations published on-chain for stablecoins with market capitalizations exceeding $10 billion.
The draft framework would apply to both bank-issued and non-bank stablecoins, creating a level playing field that industry participants have long requested. Tether and Circle, the two largest stablecoin issuers, have expressed tentative support for the proposal while requesting clarifications on the technical requirements for on-chain attestations.
Congressional leaders expect the proposal to form the basis for bipartisan stablecoin legislation that could reach the Senate floor by late summer.
