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FDIC Approves Bank Issuance of USD Stablecoins Under GENIUS Act

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The FDIC has approved a new rule under the GENIUS Act, allowing banks to issue USD-backed stablecoins. The rule, effective December 16, mandates reserves in cash or U.S. Treasury securities and aligns with efforts in digital asset regulation. Applications face a 30-day verification and 120-day decision window, with automatic approval if unaddressed. Visa and Mastercard are integrating stablecoin support, as analysts project annual transaction volumes could surpass $50 trillion by 2030. The move also supports Countering the Financing of Terrorism measures through enhanced oversight.
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