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#稳定币新规推进，支付结算加速落地 The Federal Reserve has published the qualified list of stablecoin reserves, and on the same day, its board members pointed out three issues. ▪️ On 9/24, two consultation drafts were released at once: reserves must be fully backed, only short-term Treasury bills and other qualified assets are recognized; banks issuing coins must apply through subsidiaries, with a 30-day notification for completeness and a decision within 120 days. The comment period is 60 days, with unanimous approval. ▪️ Board member Barr's statement said: stablecoins must be stable and redeemable at face value under various conditions — during stress periods, even highly liquid government debt may be discounted. He left the public with three questions: redemption rights, interest rate and foreign exchange risks, and anti-money laundering enforcement thresholds. ▪️ Reserve composition is not singular: SoFiUSD reports "mainly cash," USDC has about 84% in money market funds that only buy short-term government debt. ▪️ In the same week, Europe took the opposite approach: the ECB and national central banks of EU countries are pushing to abolish the MiCA rule that "reserves must hold no more than 60% in bank deposits." The disagreement is not about whether stablecoins can enter the traditional financial system, but about the assets locked in the list — the rules say qualified, but the rule makers say they will be discounted. Two-thirds of the total market cap of 303.6 billion sits in U.S. government debt. Should reserves be locked into sovereign bonds, or released from the banking system?