CBSR · 证据资料库
美国稳定币监管证据 | CBSR 历史快照
浏览 9 条美国稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
应分别阅读发行人层面的命题与境外发行人准入门槛。登记册区分已制定的 GENIUS Act 与第 18 条境外准入路径的施行条件；收益分析也区分发行人限制与当时尚待决的中介层面 Section 404 讨论。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
us-pss-issuer_pathway-001
快照列出三类获准发行路径：受保存款机构子公司、OCC 认可的非银行发行人，以及在获认证可比州制度下经营的州发行人。此处转述历史记录，不确认某个具体主体已获许可。
快照记录原文 · 不是法条逐字引文
Permitted payment stablecoin issuers are a defined set: subsidiaries of insured depository institutions, federally qualified non-bank payment stablecoin issuers approved by the OCC, and state-qualified issuers operating under an OCC-certified comparable state regime. An authorizable private token exists.储备与资产支持
us-pss-reserve_backing-001
记录区分法案中的 1:1 公允价值支持要求与当时尚未定稿的储备资产细则；不能把拟议资产清单当作已生效规则。
快照记录原文 · 不是法条逐字引文
1:1 backing of outstanding payment stablecoins at fair value is required by the enacted GENIUS Act (Sec. 4(a)(1)). The detailed list of PERMISSIBLE reserve assets is set by the OCC NPRM (proposed 12 CFR Sec. 15.11(b)) and is NOT yet final — that composition is a pending overlay, not part of the in-force statutory proposition.允许活动与收益边界
us-pss-permitted_activity_yield-001
历史记录围绕与持有、使用或保留稳定币相关的收益禁令，以及拟议反规避规则与中介层面 Section 404 展开；其中拟议内容必须继续保留拟议属性。
快照记录原文 · 不是法条逐字引文
GENIUS Act §4(a)(11) prohibits permitted/foreign payment stablecoin issuers from paying any form of interest or yield (cash, tokens, or other consideration) to a holder 'solely in connection with the holding, use, or retention' of a payment stablecoin. The word 'solely' is the textual hinge: it reaches payments tied to the act of holding, not payments produced by some other operative event (user-initiated routing, market-making, transfers). OCC NPRM §15.10(c)(4) and FDIC NPRM §350.3(b)(4) add a rebuttable presumption that affiliate / related-third-party arrangements (including white-label) violate the prohibition, rebuttable by written non-evasion showing; the anti-evasion rule (proposed §15.10(c)(6)) treats any sidestep arrangement as a violation. Permitted: merchant-funded discounts; issuer profit-sharing with non-affiliated white-label partners without yield pass-through. The intermediary layer is the pending CLARITY Act §404, extending the prohibition to 'covered parties' (digital-asset service providers and affiliates) under prongs (A) 'solely in connection with holding' and (B) 'economically or functionally equivalent' to bank-deposit interest.货币主权与跨境准入
us-pss-monetary_sovereignty-001
记录把境外稳定币准入描述为可比性认定与登记机制。该记录对法案的标签与具体第 18 条门槛的施行状态有已声明差异，应结合上方提示及反向通道阅读。
快照记录原文 · 不是法条逐字引文
The US issues the reserve currency and imposes no aggregate usage cap on private dollar tokens. A foreign payment stablecoin may be offered in the US only where the foreign regime is determined comparable by the Treasury and the issuer registers — an admission-by-determination channel rather than an open market.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 银行及非银行路由 | CLARITY Act Sec. 404 covered-party definition (H.R.3633, House-passed, not enacted) | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | capital left to OCC/FDIC rulemaking; figures from the OCC/FDIC NPRM (proposed) | 待决提案 · pending_proposal | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 跨境数据 | AML/sanctions perimeter; cross-border information-sharing | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 披露与报告 | Monthly reserve certification and disclosure; supervisory reporting | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 货币主权与跨境准入 | Foreign payment stablecoin issuers — comparability determination and registration | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 储备与资产支持 | GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 证券属性认定 | GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins) | 已制定并生效（快照标签） · in_force_enacted | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |