The US Federal Deposit Insurance Corporation has formally proposed its approach to regulating stablecoin issuers, as part of its role in implementing the Guiding and Establishing National Innovation for US Stablecoins Act. The proposed rule will be open for public comment for 60 days, during which time the agency will gather feedback on its proposed standards for capital, liquidity, and custody. The rule is expected to align closely with a similar proposal from the Office of the Comptroller of the Currency, and will not provide deposit insurance for stablecoins.
The proposal also addresses the issue of rewards programs and the treatment of tokenized deposits, and suggests that issuers will need to maintain significant capital to manage the risks associated with their business. The development of the rule comes as the Senate continues to debate the details of the GENIUS Act, and regulators work to implement the law despite potential changes being considered in the Digital Asset Market Clarity Act.