The FDIC is investigating whether deposits and reserves for certain stablecoins could be covered by the regulator if necessary.
According to Coindesk, citing its own sources, another leading US regulator drew attention to stablecoins. According to five people familiar with the plans of the US Federal Deposit Insurance Corporation (FDIC), the agency has begun to explore the possibilities of deposit insurance in some stablecoins. Discussions are preliminary and it is not yet clear if any decisions will be made on this issue.
The agency is trying to analyze what the so-called end-to-end FDIC insurance might look like for the reserves held by stablecoin issuers in banks. Such coverage will insure token holders against losses of up to $ 250,000 in the event of the bankruptcy of the bank holding the collateral. In addition, the FDIC is looking into what conventional direct deposit insurance might look like for banks looking to issue stablecoins.
“This is all part of the process by which they are trying to introduce stablecoins into the banking system,” said one insider. “It all depends on the provision of stablecoins. If they are backed by reserves in the Federal Reserve to receive cash, then it can be considered a deposit. If a stablecoin is backed by US government bonds, then such a contribution is difficult to bring under the definition of a deposit. ”
This week, the Bank for International Settlements (BIS) released preliminary guidance requiring payments in stablecoins to meet international payment, clearing and settlement standards. In addition, the US Securities and Exchange Commission (SEC) is investigating Circle, one of the main members of the Center consortium behind the USDC stablecoin.
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