The US Treasury’s Stablecoin Report Would Treat Issuers Like Banks, but Doesn’t Address How

“There are other, safer ways of achieving the same objectives. For example, we could require 100% of stablecoin reserves to be maintained off-balance sheet, or require stablecoin reserves to be maintained at a Federal Reserve Bank, which is, by definition, risk-free. We already have a case study in this – Wyoming’s special purpose depository institutions are already doing this,” she said.