The Federal Deposit Insurance Corporation (FDIC) is reportedly collaborating with different US-based regulators to deep-dive into the circumstances banks are allowed to handle crypto-related activities. 

Specifically, via her talk at the Money20/20 Fintech Conference on October 25th, McWilliams reportedly revealed that the FDIC – working coordinately with the Federal Reserve and the Office of the Comptroller of the Currency, is attempting to provide clarity, regulation-wise, for banks dealing with crypto assets, including stablecoins.

The chairperson reportedly shared that the FDIC has plans down its pipeline to generate “a series of policy statements” in the next months on guidance for banks.

Per McWilliams, stablecoins reportedly come with a variety of advantages for consumers, nominally their accelerated speed, reduced cost, and increased payment efficiency. 

Nonetheless, she reportedly stated that should “one or more were to become a dominant form of payment in the United States or globally”, a major impact could be placed upon that nation’s financial stability with funds no longer being held in insured banks.

“In order to realize the potential benefits stablecoins have to offer while accounting for potential risks, stablecoins should be subject to well-tailored government oversight. That oversight should rest on the foundation that stablecoins issued from outside the banking sector are truly backed 1:1 by safe, highly liquid assets.” The FDIC chairperson further remarked. 

McWilliams’ comments reportedly surfaced at the same time with a Bloomberg report disclosing numerous US regulators had given their go-ahead on the Securities and Exchange Commission in the leading position for the regulation effort of America on stablecoins.