The Federal Deposit Insurance Corp.'s proposal outlines how banks could seek approval to issue payment stablecoins as US regulators move from legislation to rule-making.
The Federal Deposit Insurance Corp. (FDIC) is moving forward with rule-making under the US GENIUS Act by proposing a framework for how regulated banks could apply to issue payment stablecoins, a key early step in implementing the law’s stablecoin provisions.
In a 38-page document posted to the FDIC’s website, the agency detailed proposed approval requirements for the issuance of payment stablecoins by subsidiaries of FDIC-supervised institutions.
As Bloomberg reported, the proposal is subject to a public consultation period before advancing to the next stage of the rulemaking process.
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