US Treasury's Payment Stablecoin Proposal Sparks Dispute Over Foreign Issuance and US Distribution

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The US Treasury plans to use payment stablecoin rules to clarify what constitutes issuance in the United States and to restrict issuance in the US or the offering of these stablecoins to US persons. Comments focused on who the issuer is, when issuance occurs, and whether foreign stablecoins can enter the US through intermediaries. Mastercard supported a reasonable assurance framework, NYDFS said the proposal was too permissive toward secondary sales in the US of foreign-issued stablecoins, and Coinbase wants to be allowed to use them as intermediate assets in cross-border payments.