FDIC Proposes First Major U.S. Stablecoin Regulation Under GENIUS Act, Impacting USDC and USDT

The U.S. Federal Deposit Insurance Corporation (FDIC) has unveiled a landmark proposal for regulating stablecoins, marking the first concrete regulatory framework to arise from the GENIUS Act. The proposed rule focuses on establishing clear standards for the reserve assets backing major stablecoins like USDC and USDT, aiming to ensure their stability and protect consumers. This move by the FDIC is seen as a critical step towards providing legal clarity for the cryptocurrency market, potentially paving the way for broader institutional adoption. The proposal will now enter a public comment period, signaling a significant phase in the development of U.S. crypto policy.