New York State Department of Financial Services (DFS), Wednesday issued regulatory guidance regarding U.S. dollar-backed stabilizecoins issued to DFS-regulated entities. AccordingDFS Statement: It is the US’s first regulator to set such expectations for a stablecoin issuer.

These are the requirements of the guide ConcernRedeemability, reserve and attestation. It is stated that: StablecoinThe stablecoin must be fully guaranteed by reserves at the close of each business day. Additionally, the DFS must approve in advance a redemption plan that allows the holder to exchange the stablecoin for U.S. Dollars.