Crypto Biz: Bank Stablecoins Get A Rulebook; Bitcoin Gets A Land Grab

FDIC reveals a path for bank-issued stablecoins under the GENIUS Act as corporate BTC treasuries expand, Anchorage buys Securitize’s RIA arm and Bhutan taps reserves.

Washington is inching closer to putting bank-issued stablecoins on a clearer regulatory track.

This week, the Federal Deposit Insurance Corp. (FDIC), the US agency that oversees bank safety and insures deposits, laid out a proposed framework for how insured banks, via subsidiaries, could seek approval to issue payment stablecoins under the GENIUS Act, a move that could reshape who gets to mint digital dollars and under what rules.

That same push toward institutionalization is also evident elsewhere in the crypto business landscape. Despite Bitcoin’s (BTC) lackluster performance, corporate treasuries are still in accumulation mode, with American Bitcoin vaulting past ProCap in the race to stack BTC.

On Wall Street’s doorstep, Anchorage Digital is tightening its grip on the adviser channel by acquiring Securitize’s RIA platform, bringing custody and advisory tools under one roof.

On the sovereign end of the spectrum, Bhutan says it will tap a portion of its sizable Bitcoin holdings to help finance Gelephu Mindfulness City, an ambitious bid to build a new economic hub without compromising long-term capital preservation.

This week’s Crypto Biz dives into regulatory, corporate and economic developments shaping the global crypto industry.

The FDIC is moving forward with proposed rulemaking in the wake of the landmark GENIUS Act, signaling that the agency is preparing to offer clear guidance to banking institutions seeking to issue payment stablecoins.

In a 38-page document published on the FDIC’s website, the agency outlined proposed approval requirements governing how bank subsidiaries could issue payment stablecoins in accordance with the GENIUS Act. The proposal is subject to a public consultation process before any rules are finalized.

Under the proposed framework, financial institutions would be required to apply to issue a stablecoin through a subsidiary, with the FDIC evaluating both the parent company and the issuing entity. Applicants would also need to comply with the GENIUS Act’s provisions related to issuance standards, reserve backing and redemption policies.

Source: CoinTelegraph