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Stablecoins Don’t Need to be Issued by Banks: Federal Reserve Board Head
Stablecoins do not need to subject to full banking regulation and while they carry special risks, market participants apart from banks should be able to issue them, the Federal Reserve Board Governor Christopher Waller has said.
Congress Should Act “Promptly” to Regulate Stablecoins, Presidential Working Group Urges
A key US presidential working group has recommended legislation that would restrict the issuance of stablecoins in the US to insured banks. Stablecoins, which are virtual assets that are intended to reflect a value relative to a national currency or other assets, have seen rapid adoption in recent years and are used as the basis for trading in decentralized finance, or DeFi, and cryptocurrency trading.