The State of New York has Issued Guidelines for Dollar Backed Stablecoins!

The New York State Department of Financial Services (DFS) issued regulatory recommendations for US dollar-backed stablecoins on Wednesday. Redeemability, reserves, and attestation are all required. According to a DFS statement, it is the first US authority to enforce such requirements on a stablecoin issuer. The recommendation only applies to DFS-regulated issuers and limited purpose trust charter holders operating in the state.