Overview

• Treasury published an advance notice of proposed rulemaking on September 18–19, inviting comments on 58 questions across six areas with submissions due October 20, 2025, and a related illicit‑finance request due October 17.
• The notice seeks clarity on core definitions including “payment stablecoin” and “digital asset service provider,” the prohibition on issuer‑paid interest or yield, potential safe harbors from the issuance ban, and the extraterritorial reach of DASP restrictions.
• Treasury requests input on reserve requirements and custody, public reserve disclosures, accounting treatment for stablecoins not issued by permitted issuers, insurance expectations, and economic data on costs and benefits.
• The consultation asks how to assess comparability and reciprocity for foreign regimes, what factors could disqualify jurisdictions, how to handle offers and sales in the U.S., what interoperability should mean, and what information registered foreign issuers must provide.
• As chair of the Stablecoin Certification Review Committee, Treasury also seeks views on criteria for evaluating state regimes and on risk factors the committee should weigh when non‑financial public companies seek to issue payment stablecoins, as well as where rules may overlap with other agencies.