FDIC's move is clever: reserves are counted as corporate deposits, stablecoin holders can't touch a dime, the industry is still arguing over yields and interoperability, it's the same old story.

According to PYMNTS, the Federal Deposit Insurance Corporation (FDIC) in the United States has until June 9 to solicit comments on proposed rules for stablecoin issuers. The draft clarifies that payment stablecoins themselves are not bank deposits insured by the FDIC; if stablecoin reserve assets are held at a bank, they will be considered insured corporate deposits of the issuer, but stablecoin holders do not have access to full FDIC deposit insurance. Comment letters indicate that yield incentives, deposit migration, reporting standards, and interoperability remain the main contentious issues in the payments industry.