FDIC Proposes Framework for Bank-Issued Payment Stablecoins

The Federal Deposit Insurance Corp. (FDIC) is moving forward with rule-making under the US GENIUS Act by proposing a framework for how regulated banks could apply to issue payment stablecoins, a key early step in implementing the law’s stablecoin provisions.

In a 38-page document posted to the FDIC’s website, the agency detailed proposed approval requirements for the issuance of payment stablecoins by subsidiaries of FDIC-supervised institutions. 

As Bloomberg reported, the proposal is…