PANews reported on June 9th that, according to PYMNTS, the Federal Deposit Insurance Corporation (FDIC) closed its public comment period on June 9th for its proposed rules regarding stablecoin issuers. The proposal clarifies that stablecoin holders are not entitled to deposit insurance: payments made in stablecoins themselves are not considered insured deposits; reserve assets are insured as corporate deposits of the stablecoin issuer, but stablecoin holders are not covered by pass-through FDIC insurance.

During the consultation process, standardization organizations called for the adoption of a common reporting framework to support interoperability. Banks and fintech companies disagreed on incentive measures: community banks argued against prohibiting stablecoin providers from attracting users through interest rates, cashback, etc., believing this would divert bank deposits and reduce local lending resources. The proposal also required issuers to maintain highly liquid reserve assets, limit exposure to a single financial institution to no more than 40% of reserve assets, and establish custody controls and asset segregation requirements.