The New York State Department of Financial Services (DFS) has unveiled proposed regulations for dollar-denominated stablecoins, aligning with the federal GENIUS Act. Announced on June 9, the new rules maintain existing requirements such as reserves and redeemability, while introducing federal provisions like limits on reserve assets per custodian and mandatory risk management plans. The proposal also mandates internal audits, management of asset growth, and regulation of insider transactions. Public comments are invited for 10 days, with a 60-day period following state register publication. The final rules will coincide with the GENIUS Act's implementation, granting current issuers a one-year transition period.