According to report, the Corporate Finance Division of the U.S. Securities and Exchange Commission (SEC) issued guidance on stablecoins. comprehensive, believes that "fully reserved, highly liquid, dollar-backed stablecoins (Covered Stablecoins)" not constitute on securities under the on "Reves Test" for the follows the following (> (1) Sales use proceeds to fund reserves, and buyers are by expected returns on funds; (2) The distribution of stablecoins does not encourage speculation or investment trading; (3) Rational buyers would typically not consider stablecoins as investments; (4) Full reserves can meet redemany is a riskp-reduction characteristic ofment of stablecoins. In>

The department considers that issuing and selling Covered Stablecoins under the conditions described in this statement do not involve the issuance and sale of securities as defined in Section 2(a)(1) of the Securities Act or Section 3(a)(10) of the Securities Exchange Act of 1934. Therefore, individuals participating in "minting" (or creating) and redeeming covered stablecoins do not need to register these transactions with the Commission under nor the Act, nor do comply ofemption provisions.

The statement applies to stat stablecoins intended to maintain a stable value relative to to to the.a-, one convertible to dollars (i.e., one stablecoin for one dollar), and supported by assets held in reserves, which are considered low-risk and liquid, with a dollar value equal to or exceeding the redemption value of circulating stablecoins.