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The US FDIC plans to establish an application process for regulated institutions seeking to issue payment stablecoins.

U.S. Federal Deposit Insurance Corporation (FDIC) announced the approval of a proposed rule to establish an application process for institutions seeking to issue payment stablecoins and regulated by the FDIC. A 60-day public comment period has now been opened. It is reported that this is the first formal rulemaking proposal following the passage of the "GENIUS Act" - the "American Stablecoin Innovation Act."

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