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JUST IN : FDIC APPROVES GENIUS ACT RULE - BANKS CLEARED FOR STABLECOINS & BITCOIN CUSTODY ๐บ๐ธ
The FDIC has approved a rule under the GENIUS Act, paving the way for banks to integrate digital assets. Banks can now issue payment stablecoins via subsidiaries, though these are not FDIC-insured.
Tokenized deposits will be treated like traditional ones with a 1:1 reserve requirement in cash or T-bills. Institutions such as JPMorgan & BNY Mellon are accelerating their crypto services.