FDIC to Unveil Plan on How Banks May Apply to Issue Stablecoins
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Crypto:The Federal Deposit Insurance Corp. is proposing a framework that outlines how banks would be able to apply to issue payment stablecoins via a subsidiary, a key first step from the agency towards implementing landmark legislation.The plan, which is subject to public consultation before it can be finalized, would spell out how certain lenders can apply in order to get the regulator’s nod.
Acting Chair Travis Hill said in a statement the “tailored” process would allow the FDIC to evaluate the safety and soundness of an applicant’s proposed activities.