Manhattan, NYC | December 1, 2025 — The Federal Money Services Business Association (FedMSB) today announced a new standards platform designed to strengthen the technical, governance, and transparency foundations of U.S. dollar–denominated stablecoins. FedMSB is also backing AmCoinX, a new American Stablecoin Index created to rank the country’s dollar-pegged tokens much like Wall Street rates stocks.
Introducing the Stablecoin Standards Authority
The Stablecoin Standards Authority (SSA) is a newly established standards body within the Federal Money Services Business Association (FedMSB). Its mission is to develop and maintain a professional, consensus-driven stability standards framework for U.S. dollar–denominated stablecoins operating in the Money Services Business (MSB) ecosystem.
As stablecoins play an increasingly important role in payments, remittances, settlement, and digital financial infrastructure, the SSA is designed to provide clear expectations, structured guidance, and credible benchmarks for issuers, MSBs, financial institutions, and technology providers.
The SSA is not a regulator. It does not exercise supervisory or enforcement powers. Instead, it functions as an independent standards and convening platform, focused on technical reliability, governance discipline, and market transparency.
Responding to a Critical Moment for Stablecoins
Recent developments have reshaped the landscape for stablecoins in the United States and globally:
- The AICPA’s 2025 Stablecoin Reporting Framework has introduced a new methodology for reserve and disclosure assurance.
- The GENIUS Act, now federal law, has created a statutory foundation for payment stablecoins.
- International bodies such as the FSB, IOSCO, and ISO have articulated high-level principles for global stablecoin arrangements, but implementation-level standards remain limited.
Against this backdrop, the SSA aims to:
- Complement public-sector frameworks with practical, industry-led standards.
- Provide a common technical and governance language for the MSB and stablecoin communities.
- Support market integrity, risk management, and public trust while allowing responsible innovation to move forward.
SSA’s Five Core Domains
The SSA’s work program is organized into five core domains:
- Technical Standards
- Reserve structure and asset composition
- Smart-contract engineering and security
- Scalability, operational resilience, and uptime
- Cross-chain interoperability architecture
- Compliance & Governance Standards
- AML/KYC expectations for MSB-related stablecoin activities
- Data governance and privacy controls
- Risk management frameworks
- Upgrade procedures, key management, and incident response
- Transparency & Reporting Standards
- High-quality reserve disclosures
- Consistent financial and operational reporting
- Templates aligned with the AICPA Stablecoin Reporting Framework
- Education & Research
- Multi-stakeholder working groups
- White papers and technical notes
- Public seminars with regulators, industry, and academia
- Voluntary Certification & Assessment
- Independent third-party assessments
- Optional benchmarking against SSA stability and governance criteria
How the SSA Is Structured
The SSA is overseen by a Steering Board composed of:
- Technology specialists
- Compliance and risk executives
- Senior representatives from MSB and financial services firms
To develop its standards and guidance, the SSA operates a series of topic-specific Working Groups, including:
- Technology & Security
- Audit & Assurance
- Cross-Chain Interoperability
- Regulatory & Policy Engagement
Draft standards will be published for public comment, ensuring that regulators, market participants, academics, and civil-society stakeholders have an opportunity to provide input.
Get Involved
FedMSB welcomes participation from:
- Stablecoin issuers
- MSBs and payment providers
- Financial institutions
- Technology and infrastructure firms
- Academics, researchers, and policy experts
To learn more about joining a Working Group or engaging with SSA initiatives, please contact:
ssa@fedmsb.org
AmCoinX: The American Stablecoin Index
A Public Benchmark for Stability and Transparency
As part of its broader standards initiative, the SSA will support the launch of AmCoinX – the American Stablecoin Index.
AmCoinX is designed to:
- Track key indicators of stability, transparency, and market behavior across U.S. dollar–denominated stablecoins.
- Provide a public, data-driven benchmark aligned with SSA’s emerging standards and best practices.
- Help institutions, regulators, and market participants better understand how “well-run” a stablecoin appears in practice.
The index will be published and maintained at:
AmCoinX.com
About FedMSB
The Federal Money Services Business Association (FedMSB) is a national nonprofit trade
association organized under IRC § 501(c)(6). FedMSB represents Money Services
Businesses (MSBs) across the United States, serving as both a standard-setter and a
strategic convener for the non-bank financial services sector.
Dedicated to advancing the next-generation “MSB 2.0” architecture, FedMSB supports the
development of regulatory frameworks, technical infrastructure, and collaborative
ecosystems that enhance trust, transparency, and innovation across the industry. Through
policy engagement, standards development, industry certification, technical guidance,
and educational resources, FedMSB works to strengthen the modernization, safety, and
efficiency of MSB activities and elevate the integrity of non-bank financial services.
To learn more about the SSA Workplan, please download the full News Release (PDF).