The Federal Reserve's proposed payment-stablecoin rules would require issuers whose reserves fall below outstanding tokens to notify the central bank and submit a restoration plan within 24 hours. If the gap is not closed or the Fed does not direct the issuer to follow its plan, liquidation and token redemptions must begin by 5 p.m. on the next business day, a timetable the Fed says is often less than 48 hours. Issuers could continue minting during the rescue window because an abrupt on-chain halt could reveal distress and accelerate a run; minting must stop once liquidation begins, when redemption fees would also be barred. The proposal requires reserves to equal or exceed tokens at all times and to be valued at fair value at least daily. The approach differs from the OCC's March proposal, which would require an immediate halt to net new issuance after a reserve breach but generally would wait 15 consecutive business days before requiring liquidation. The Fed is seeking comment on whether issuance should instead be capped or prohibited immediately after a shortfall.