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 public comment for 60 days. The FDIC has posed 144 questions to gather input on the proposed rule, which includes capital, liquidity, and custody standards for firms issuing stablecoins. The proposal also clarifies that stablecoins will not be eligible for deposit insurance, and issuers will not be able to offer interest or yields on their tokens simply for holding or using a payment stablecoin.
The agency has also suggested that issuers will need to maintain capital to manage the risk of their business, as well as an operational backstop. While the regulators work to implement the GENIUS Act, some of its details are being debated in the Senate, including the Digital Asset Market Clarity Act, which could potentially overhaul some of the act's provisions.