U.S. stablecoin issuers might soon face liquidity, customer protection and asset reserve rules — and maybe even a deposit-insurance mandate like banks.
Regulators around the world have been thinking seriously about the risks associated with stablecoins since 2019 but recently, concerns have intensified, particularly in the United States. In November, the United States’ President’s Working Group on Financial Markets, or PWG, issued a key report, raising questions about possible “stablecoin runs” as well as “payment system risk.” The U.S Senate followed up in December with hearings on stablecoin risks.It raises questions: Is stablecoin regulation coming to the U.S. in 2022? If so, will it be “broad stroke” federal legislation or more piecemeal Treasury Department regulation? What impact might it have on non-bank stablecoin issuers and the crypto industry in general? Could it spur a sort of convergence where
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