SEC puts out guidance on ‘Covered Stablecoins’ which describe stablecoins that “maintain a stable value relative to the United States Dollar, on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation.”