FDIC to issue stablecoin rulemaking by year’s end, according to Chair

The Federal Deposit Insurance Corporation plans to issue a final rulemaking before the end of the year to establish an application process and prudential requirements for stablecoin issuers under its jurisdiction, likely not until after the Office of the Comptroller of the Currency issues its own stablecoin rules, FDIC Chairman Travis Hill said during a speech at the Stablecon conference in Maryland.

“Some of the big issues that we addressed in our proposal that we’re continuing to think about include permissible activities, so what activities stablecoin issuers can engage in; reserve assets, so the specific requirements around what the assets are that back the stablecoins; redemption requirements, so requirements around when customers want to redeem stablecoins with the issuer, particularly if the issuer is under stress; [and] capital requirements for the stablecoin issuer,” Hill said.