What are the main regulatory frameworks being proposed for stablecoins?

Stablecoin regulations are emerging globally with varying approaches. The US proposed the Stablecoin Payment System Risk Reduction Act, requiring stablecoin issuers to maintain 100% reserves backing their tokens. The EU's Markets in Crypto Assets Regulation (MiCA) establishes capital requirements and operational standards. Singapore's Monetary Authority requires stablecoin issuers to be licensed and maintain reserves. El Salvador and some other nations have minimal regulations. Key proposals focus on reserve requirements, issuer licensing, redemption guarantees, and preventing systemic financial risk. Most frameworks aim to protect consumers while allowing innovation, though definitions and enforcement mechanisms vary significantly by jurisdiction.