The FDIC has taken action; banks now have a formal process for issuing stablecoins.

The FDIC board just approved a major proposal, providing a clear path for U.S. banks to issue stablecoins through subsidiaries.

This is the first specific rule implemented after the passage of the GENIUS Act. The requirements are quite strict; a subsidiary structure is mandatory, and a certified public accountant must conduct audits, with mandatory disclosure standards. In short, it means bringing the issuance of stablecoins under the traditional banking regulatory framework.

For issuers like Circle and Paxos that are already on the compliance route, this is a significant benefit. There is a 60-day public comment period, and the industry and regulators still need to negotiate further.