FDIC plans to clarify that stablecoin holders do not enjoy deposit insurance protection BlockBeats News: On June 9th, according to PYMNTS, the Federal Deposit Insurance Corporation (FDIC) of the United States is soliciting opinions on the implementation rules of the GENIUS Act and intends to clarify that payment stablecoins themselves are not insured deposits, and stablecoin holders do not enjoy FDIC deposit insurance protection. According to the proposal, when stablecoin reserve assets are stored in banks, they will be considered as corporate deposits of the stablecoin issuer and receive corresponding insurance, rather than providing penetration insurance to stablecoin holders. The FDIC believes that this arrangement complies with the GENIUS Act's provision that payment stablecoins are not protected by FDIC deposit insurance. In addition, multiple opinions also discussed the interoperability of stablecoins, reporting standards, user incentive mechanisms, and reserve custody and redemption rules. Some banking institutions are calling for a ban on stablecoin issuers attracting funds through interest, cashback, or rewards to prevent bank deposits from migrating to the stablecoin system. The FDIC proposal also requires issuers to maintain high liquidity reserve assets, limit the proportion of reserve assets held by a single financial institution to no more than 40%, and strengthen asset segregation, custody control, and redemption management requirements.