New York’s financial regulator has proposed its first formal payment stablecoin regulation, moving its long-running supervisory framework closer to enforceable state rules under the federal GENIUS Act. The proposed new 23 NYCRR Part 202 would apply to authorized payment stablecoin issuers supervised by the New York State Department of Financial Services. It builds on the state’s 2022 U.S. dollar-backed stablecoin framework, which already focused on redeemability, reserve backing and independent attestations.