The Federal Reserve unveiled proposals for stablecoin issuers on Thursday, the latest step from regulators moving ahead with crypto rulemaking. If finalized, one of the plans would require certain issuers to fully back their stablecoins with permissible reserve assets, such as short-term Treasury bills and other high-quality, liquid assets. It would also establish capital requirements for certain credit and operational risks of payment stablecoin activities.

Another measure released by the Fed on Thursday would establish an application process for banks applying to issue stablecoins, such as submitting a business plan and financial information, among other documents. The proposals are subject to a 60 day comment period. Trump-era regulators have moved to welcome crypto into the traditional banking space after a landmark stablecoin framework known as the Genius Act was signed into law last year.