Treasury finalises stablecoin reserve reporting rules, setting a 30-day disclosure clock

Payment stablecoin issuers will be required to publish the composition of their reserves within 30 days of each month's end and file supporting attestations with their primary supervisor, under final rules issued this week.

The requirement formalises a practice most large issuers already follow voluntarily. The change is that the disclosure format is prescribed: maturity buckets, counterparty concentration and repo exposure must be broken out separately rather than aggregated into a single cash-equivalents line.

Smaller issuers argued during the comment period that monthly attestation costs would be disproportionate. The final text keeps the monthly cadence but allows issuers below a size threshold to use a review engagement rather than a full examination.

Redemption terms also tighten. Issuers must honour par redemption requests from verified holders within one business day, and must disclose any circumstance in which redemptions were suspended or gated.

Enforcement responsibility is split between federal and state supervisors depending on the issuer's charter, an arrangement that industry lawyers say will take time to settle in practice.

The rules take effect at the start of the next calendar year, with a six-month transition for existing issuers.