The Federal Deposit Insurance Corporation will announce the plan for banks to apply for issuing stablecoins.

The Federal Deposit Insurance Corporation is currently drafting a framework document to clarify the specific process by which banks can apply to issue stablecoins through their subsidiaries. This is a crucial first step for the agency to implement this landmark legislation. The proposal will need to be finalized after public consultation, and the document will detail how eligible banks can submit applications to obtain regulatory approval. Acting Chairman Travis Hill stated in a statement that this "tailored" process will enable the Federal Deposit Insurance Corporation to assess the safety and soundness of the applicants' proposed business operations.