FDIC Introduces Application Process for Stablecoin Issuers

According to Odaily, the U.S. Federal Deposit Insurance Corporation (FDIC) has approved a proposed rule to establish an application procedure for institutions seeking to issue payment stablecoins under its regulation. This marks the first formal rule-making proposal following the passage of the 'GENIUS Act,' known as the 'U.S. Stablecoin Innovation Act.' A 60-day public comment period has been initiated for this proposal.