On June 9, 2026, DFS announced pre-proposed rulemaking for a new 23 NYCRR Part 202 governing Authorized Payment Stablecoin Issuers. The proposal is intended to align New York's existing stablecoin framework with federal requirements under the GENIUS Act while retaining state standards on backing, redemption, reserves, and audits.
What changed
DFS previewed a new stablecoin rule that would add reserve concentration limits at a single custodian and require risk management programs covering internal controls, information security, internal audit, affiliate transactions, growth, earnings, and service providers.
Compliance perspective
Stablecoin issuers and applicants should compare current New York operating models against the proposed reserve, custody, audit, and risk program standards. Existing New York-licensed issuers should also watch transition timing tied to the GENIUS Act's effective date.
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