FEDERAL DEPOSIT INSURANCE CORPORATION ISSUES PROPOSED RULE: APPROVAL REQUIREMENTS FOR ISSUANCE OF PAYMENT STABLECOINS BY SUBSIDIARIES OF FDIC-SUPERVISED INSURED DEPOSITORY INSTITUTIONS

WASHINGTON, Dec. 19 -- Federal Deposit Insurance Corporation has issued a proposed rule called: Approval Requirements for Issuance of Payment Stablecoins by Subsidiaries of FDIC-Supervised Insured Depository Institutions.

The proposed rule was published in the Federal Register on Dec. 19 by Debra A. Decker, Executive Secretary.

Summary: The Federal Deposit Insurance Corporation (FDIC) is soliciting comments on a proposal that would establish procedures to be followed by an insured State nonmember bank or State savings association (each, an FDIC-supervised institution) that seeks to obtain FDIC approval to issue payment stablecoins through a subsidiary pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (G...