FDIC proposes process for banks to issue stablecoins

Key insight: The Federal Deposit Insurance Corp. Tuesday issued a proposed rule that would set up a process for banks to issue payment stablecoins, pursuant to the recently-passed GENIUS Act stablecoin legislation.Supporting data: Under the proposed rule, bank applications to issue stablecoins would be automatically approved after 120 days of inaction.Forward look: Acting FDIC Chair Travis Hill says the agency will continue to issue implementing regulations, including forthcoming capital and liquidity stand ...