The US Federal Deposit Insurance Corporation is preparing a framework document to clarify the specific process by which banks can apply to issue payment stablecoins through its subsidiaries. This is a critical first step for the agency to implement this landmark law. The plan will be finalized after public consultation, and the document will detail how eligible banks can submit applications to obtain regulatory approval. Acting Chairman Travis Hill said in a statement that this “tailored” process will enable the Federal Deposit Insurance Company to evaluate the safety and robustness of the applicant's proposed business.

The US Federal Deposit Insurance Corporation is preparing a framework document to clarify the specific process by which banks can apply to issue payment stablecoins through its subsidiaries. This is a critical first step for the agency to implement this landmark law. The plan will be finalized after public consultation, and the document will detail how eligible banks can submit applications to obtain regulatory approval. Acting Chairman Travis Hill said in a statement that this “tailored” process will enable the Federal Deposit Insurance Company to evaluate the safety and robustness of the applicant's proposed business.