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Report on Stablecoins by the President’s Working Group on Financial Markets

The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a long-awaited Report on Stablecoins on November 1, 2021.

While acknowledging that well-designed and appropriately regulated stablecoins could support faster, more efficient and more inclusive payments options for consumers and businesses, the Report focuses on analyzing prudential risks posed by stablecoins used as a means of payment and provides recommendations for addressing what it views as key gaps in the authority of the federal banking regulators to regulate and supervise stablecoin issuers and other entities that provide services supporting stablecoin arrangements.