The United States Federal Deposit Insurance Corporation (FDIC) announced on Tuesday that its Board of Directors approved a "notice proposing rulemaking" to establish application procedures for FDIC-supervised institutions seeking to issue payment stablecoins through subsidiaries.
The proposal implements provisions of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) Act and would require state nonmember banks and state savings associations to apply to the FDIC for approval before issuing payment stablecoins. The rule sets out how applications would be evaluated based on "statutory factors," outlines processing timeframes, and creates an appeals process for denied applications.
The move follows US President Donald Trump's signing of the GENIUS Act into law in July, creating the first comprehensive regulatory framework for stablecoins in the United States. The FDIC said public comments on the proposed rule will be processed for 60 days following publication in the Federal Register.
https://breakingthenews.net/Article/FDIC-approves-stablecoin-application-proposal/65363081
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