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New York Proposes Stablecoin Framework Aligned With Federal GENIUS Act, Eyeing $250B+ Market

GateNews
Regulation & Policy
According to the New York Department of Financial Services, the state has proposed a new stablecoin regulatory framework designed to align its existing oversight regime with the federal GENIUS Act. The framework expands requirements to include limits on single-custodian reserve concentration, enhanced risk-management standards, internal audit systems, information-security protocols, and service-provider governance requirements. Acting Superintendent Kaitlin Asrow stated that New York's existing rules have "protected New Yorkers and facilitated a stable market," with the GENIUS Act's provisions mirroring the DFS's framework. The proposal reflects broader regulatory competition as stablecoins—now exceeding $250 billion in global circulation—increasingly function as core financial infrastructure across crypto trading, payments, cross-border transfers, DeFi, and Treasury markets. The framework includes a one-year transition period for existing New York-licensed issuers once federal legislation takes effect.
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