The US Federal Deposit Insurance Corporation has officially proposed its framework for regulating stablecoin issuers, as required by the Guiding and Establishing National Innovation for US Stablecoins Act. The proposal, which aligns with the Office of the Comptroller of the Currency's earlier suggestion, will be open for public comment for 60 days. The FDIC has outlined capital, liquidity, and custody standards for firms issuing stablecoins, although the specifics will be finalized after reviewing input.
Stablecoins will not be eligible for deposit insurance, and issuers will not be allowed to offer interest or yields for simply holding or using payment stablecoins. The proposal also addresses the capital requirements for issuers and the applicability of pass-through insurance to deposits held as reserves backing payment stablecoins.
While regulators work to implement the GENIUS Act, lawmakers are still debating the details of the Digital Asset Market Clarity Act, which may potentially overhaul some aspects of the GENIUS Act.