Ethena Labs (USDtb) (USDtb)

BlackRock just filed a 17-page comment letter with the OCC asking regulators to scrap a proposed 20% cap on tokenized stablecoin reserves.

BlackRock's BUIDL, the tokenized U.S. Treasury fund with $2.6B in assets, backs over 90% of the reserves for two major stablecoins:

Ethena's USDtb and Jupiter's JupUSD on Solana.

A 20% cap limits how much BUIDL can grow as collateral inside federally chartered stablecoins, which is a new market the GENIUS Act created when it became law last July.

BlackRock's argument to the OCC is technically sound:

Credit quality, liquidity, and maturity should determine reserve risk, not whether the asset lives onchain.

They submitted on the last day of the 60-day comment window.

Final rules are expected before a 2027 compliance deadline.

If the OCC drops the cap, BUIDL's addressable market inside federally regulated stablecoin reserves will get a whole lot bigger.

BlackRock just filed a 17-page comment letter with the OCC asking regulators to scrap a proposed 20% cap on tokenized stablecoin reserves.

BlackRock's BUIDL, the tokenized U.S. Treasury fund with $2.6B in assets, backs over 90% of the reserves for two major stablecoins:

Ethena's USDtb and Jupiter's JupUSD on Solana.

A 20% cap limits how much BUIDL can grow as collateral inside federally chartered stablecoins, which is a new market the GENIUS Act created when it became law last July.

BlackRock's argument to the OCC is technically sound:

Credit quality, liquidity, and maturity should determine reserve risk, not whether the asset lives onchain.

They submitted on the last day of the 60-day comment window.

Final rules are expected before a 2027 compliance deadline.

If the OCC drops the cap, BUIDL's addressable market inside federally regulated stablecoin reserves will get a whole lot bigger.

BlackRock just filed a 17-page comment letter with the OCC asking regulators to scrap a proposed 20% cap on tokenized stablecoin reserves.

BlackRock's BUIDL, the tokenized U.S. Treasury fund with $2.6B in assets, backs over 90% of the reserves for two major stablecoins:

Ethena's USDtb and Jupiter's JupUSD on Solana.

A 20% cap limits how much BUIDL can grow as collateral inside federally chartered stablecoins, which is a new market the GENIUS Act created when it became law last July.

BlackRock's argument to the OCC is technically sound:

Credit quality, liquidity, and maturity should determine reserve risk, not whether the asset lives onchain.

They submitted on the last day of the 60-day comment window.

Final rules are expected before a 2027 compliance deadline.

If the OCC drops the cap, BUIDL's addressable market inside federally regulated stablecoin reserves will get a whole lot bigger.