FDIC Chief Says Stablecoins Won’t Get Deposit Insurance

TLDR FDIC Chairman Travis Hill said stablecoins will not qualify for federal deposit insurance under the GENIUS Act. The FDIC plans to propose a rule that bars pass-through insurance for payment stablecoins. Hill said many stablecoin arrangements do not meet current pass-through insurance requirements. The GENIUS Act requires stablecoin issuers to hold full reserves for [...]

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