FDIC Seeks to Establish Pathway for Subsidiaries of Insured Banks to Issue Payment Stablecoins

The Federal Deposit Insurance Corporation (FDIC) has issued a Notice of Proposed Rulemaking (NPR) to establish procedures for an insured depository institution (state-chartered insured banks that are not members of the Federal Reserve System and state-chartered savings associations) to become approved to issue payment stablecoins through a subsidiary pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Comments on the proposal are due 60 days after…
By: Stinson LLP