Overview
- The FDIC board opened a 60‑day public comment period on procedures for FDIC‑supervised banks to apply to issue payment stablecoins via subsidiaries.
- Applications face a 30‑day completeness check and a 120‑day decision window with automatic approval if the agency does not act.
- The proposal requires detailed disclosures on reserves, governance, redemption policies and AML controls, including an engagement letter with a registered public accounting firm.
- A defined appeals and hearing process would give rejected applicants written reasons and timelines for review.
- Officials signaled separate proposals in the coming months to set capital, liquidity and risk‑management standards for approved stablecoin subsidiaries, with continued interagency coordination.