US NCUA proposes licensing framework for stablecoins

The U.S. National Credit Union Administration (NCUA) has proposed a licensing framework for its member credit unions to issue stablecoins, Cointelegraph reported. The proposal stipulates that: - Credit unions must obtain a license (PPSI) from the NCUA to issue stablecoins. - The framework would not discriminate against the issuance of stablecoins on public blockchains. - The NCUA must decide on license applications within 120 days of submission. - Stablecoin issuance would only be permitted through non-credit union subsidiaries. The document is currently in a public comment phase, with specific details to be finalized following discussions. As of mid-last year, the NCUA supervised over 4,000 credit unions holding $2.38 trillion in assets and serving 144 million members.