The US Federal Deposit Insurance Corporation has formally introduced its proposed 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 February proposal, will be open for public comment for 60 days. The FDIC has outlined capital, liquidity, and custody standards for institutions issuing stablecoins, although the specifics will not be finalized until the agency has reviewed the feedback and drafted the final language. As expected, stablecoins will not be eligible for deposit insurance, similar to traditional banking accounts.
The proposal also addresses the capital requirements for issuers and the treatment of tokenized deposits. While regulators work to implement the GENIUS Act, some of its provisions are being re-examined by the Senate's Digital Asset Market Clarity Act. The regulatory agencies, including the Treasury Department and market regulators, are crafting rules with minimal opposition, as the Republican appointees have significant control over the process.