The US Federal Deposit Insurance Corporation drafts a framework for banks to apply for issuing stablecoins

The Federal Deposit Insurance Corporation (FDIC) is drafting a framework document to clarify the specific process by which banks can apply to issue payment stablecoins through their subsidiaries. This proposal will be finalized only after public consultation and will detail how banks should submit their applications. Acting Chairman Travis Hill stated that this process will enable the FDIC to assess the safety and soundness of the business activities proposed by applicants.