FDIC Proposes New Rules for Stablecoin Issuers

The Federal Deposit Insurance Corporation (FDIC) is set to propose new rules for stablecoin issuers, as announced by acting chief Travis Hill. These rules aim to provide federal oversight for stablecoin issuers and are part of implementing the GENIUS Act. The FDIC plans to release a proposed rule for the application framework this month and another for prudential requirements early next year. Additionally, the FDIC will establish rules for capital requirements, liquidity standards, and reserve quality for banks issuing stablecoins. Other agencies are also working on their parts of the GENIUS Act, and the FDIC is developing guidance for tokenized deposits.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.