US FDIC to discuss implementation of GENIUS stablecoin act

The U.S. Federal Deposit Insurance Corporation (FDIC) announced it will hold a board meeting on April 7 to begin establishing detailed rules for the full implementation of the GENIUS Act, a stablecoin regulation law. According to materials published on the FDIC's website, the discussion agenda includes: - Allowing banks to issue stablecoins through their subsidiaries - Clarifying the criteria for issuing entities - A 1:1 reserve requirement backed by cash and government bonds - Establishing a framework for supervision and risk management