The US Federal Deposit Insurance Corporation has formally unveiled its proposed approach to regulating stablecoin issuers, marking a significant step towards implementing the Guiding and Establishing National Innovation for US Stablecoins Act. The proposal, which will be open to public comment for 60 days, outlines a set of rules and guidelines for stablecoin issuers, including capital, liquidity, and custody standards.
The rules are designed to align with those proposed by the Office of the Comptroller of the Currency in February. Notably, the proposal clarifies that stablecoins will not be eligible for deposit insurance, and issuers will not be allowed to represent that their tokens pay interest or yield simply for holding or using a payment stablecoin. The proposal also suggests that issuers will need to maintain a certain level of capital to manage the risk of their business, as well as an operational backstop. Meanwhile, the Senate continues to debate the details of the GENIUS Act, with some lawmakers pushing for changes to the bill.
The regulatory landscape for stablecoins is evolving rapidly, with the FDIC and other agencies working to craft rules that balance innovation with investor protection.