The US Federal Deposit Insurance Corporation has formally proposed its approach to 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 proposal in February, will be open for a 60-day public comment period. The FDIC has posed 144 questions to gather input on capital, liquidity, and custody standards for institutions issuing stablecoins. The proposal clarifies that stablecoins will not be eligible for deposit insurance and sets guidelines for issuers' representations about interest or yield on their tokens.
The agency has also suggested capital requirements and an operational backstop for issuers to manage risk. While the regulators work to implement the GENIUS Act, lawmakers are debating the Digital Asset Market Clarity Act, which may overhaul some of the details. The regulatory process is expected to continue, with the goal of establishing clear rules for stablecoin issuers in the US.