The US Federal Deposit Insurance Corporation has formally proposed its approach to regulating stablecoin issuers, in line with its role as a federal financial regulator under 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 the public, focusing on capital, liquidity, and custody standards for firms issuing stablecoins from their subsidiaries. The proposal clarifies that stablecoins will not be eligible for deposit insurance, and issuers will not be able to offer interest or yield on their tokens simply for holding or using them.
The agency has also suggested capital requirements and an operational backstop for issuers to manage risk. While regulators work to implement the GENIUS Act, the Senate is still debating the details of the Digital Asset Market Clarity Act, which may overhaul some of the provisions. The proposal is a significant step towards establishing federal rules for stablecoin issuers, with the FDIC and other agencies involved in the process.