FDIC Proposes Stablecoin Application Framework Under GENIUS Act

The U.S. Federal Deposit Insurance Corporation (FDIC) has proposed a stablecoin application framework rule as part of its implementation of the GENIUS Act, according to CoinDesk. The proposal would establish a formal process for banks to apply to engage in stablecoin-related activities, marking the first U.S. stablecoin regulation to arise from this legislation, CoinDesk reported.