Coinbase Asks Treasury to Clarify Foreign Stablecoin Payment Rules

Coinbase has asked the U.S. Treasury Department to clarify how proposed limits on foreign-issued stablecoins would apply to cross-border payments in which U.S. customers never gain rights to the tokens. The request, submitted Oct. 19, concerns certain foreign-issued payment stablecoins used as intermediate assets. Coinbase wants service providers to be able to use them in payments moving into or out of the United States when customers here do not buy or hold the tokens, or acquire rights to use, transfer or redeem them. The distinction is whether a foreign stablecoin passes through a payment or is offered or made available to a U.S. customer. Coinbase argues the two situations should be treated differently under the proposed limits. Its filing is a policy request; it does not change Treasury’s proposal.

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