Treasury Department Stablecoin Proposal Sparks Dispute Over Foreign Access
Start here
AI-assisted source synthesis · not an independent investigation.
A report dated October 20, 2026, said the U.S. Treasury Department plans to use payment stablecoin rules to clarify what constitutes issuance within the United States and to restrict the issuance of such stablecoins in the United States or their provision to U.S. persons. Comments on the proposal focused mainly on how issuers are defined, when issuance occurs, and whether stablecoins issued offshore can enter the United States through intermediaries. Mastercard supports a “reasonable assurance” framework; the New York State Department of Financial Services (NYDFS) considers the proposal’s restrictions on secondary sales in the United States of foreign-issued stablecoins too permissive; Coinbase, meanwhile, wants to allow them to serve as intermediary assets in cross-border payments.
AI-written from reports · updated 2 hours ago
Timeline
Follow the reporting to see the different sides of the story.
- PYMNTSUS Treasury's Payment Stablecoin Proposal Sparks Dispute Over Foreign Issuance and US Distribution
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.
Heat over time
Current heat 9·Peak over the comparable range 10 (Oct 21 00:00)·Change over the comparable range in the last 24 hours –
Trends compare only the same entities that were fully and continuously observed, so the range can be narrower than the current heat statistics. Move the pointer or tap the chart to read hourly heat; arrow keys work on a keyboard.