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Reported Sep 24, 2026Quickanomics write-up updated Oct 11, 2026, version 21 min read
Follow the developing storyExpanded original Quickanomics reporting with the source’s material findings, comparisons and qualifications at all three reading depths. Read the current version
The Fed’s proposed framework addresses the assets behind payment and how supervised banks could enter the business.
The Federal Reserve is seeking comment on and for Board-supervised issuers.
support redemption claims, while capital provides a buffer against some losses. The two serve different functions.
A separate proposal would establish an application process for supervised banks seeking to issue payment . The proposals are open for comment and are not final rules.
An approval process determines who may conduct the activity. It does not make every token or every holder’s transaction risk-free.