Fed Rules for Stablecoins: What to Check on Backing and the Redemption Right

The Federal Reserve published two proposed rules on September 24, 2026 that set out in detail for the first time what a payment stablecoin must be backed by and how quickly an issuer should redeem it. For you as an investor in Germany one sentence puts everything else in order: these rules apply to issuers that sit under the supervision of the US central bank. Your right to redeem a stablecoin you hold in Germany, by contrast, comes from the EU's MiCA regulation. The Fed proposal is therefore above all a reason for you to settle a different question: who stands behind your token, and against whom could you actually direct your claim? The distinction sounds technical and decides, in an emergency, whether you get your money back at face value or only the price an exchange happens to quote. This article sorts out both: what has been proposed in Washington, and which rights and duties follow from that for your holdings in Germany. What the Fed proposed for payment stablecoins on September 24, 2026 The central bank has published two so-called notices of proposed rulemaking, that is, formal drafts followed by a comment period. Both implement the GENIUS Act, the US stablecoin law, and con...