US Treasury Said to Pursue Bank-Level Counterparty Due Diligence for Stablecoin Issuers
JH Kim
Summary
- The US Treasury Department is reportedly pursuing a plan to apply counterparty due diligence obligations at the same level as banks to stablecoin issuers.
- Solid Intel said the US Treasury is pushing to strengthen counterparty verification standards for stablecoin issuers to a bank-level standard.
- The proposal centers on imposing on stablecoin issuers the same level of counterparty due diligence obligations that apply to US banks, though the specific implementation timeline and scope have not been disclosed.
Forecast Trend Report by Period
The US Treasury Department is reportedly pursuing a plan to impose bank-level counterparty due diligence requirements on stablecoin issuers.
Solid Intel reported on November 12 that the Treasury is moving to tighten counterparty verification standards for stablecoin issuers to the level applied to banks.
At the heart of the proposal is a requirement that stablecoin issuers face the same counterparty due diligence obligations imposed on US banks.
Specific details, including the implementation timeline and the scope of entities and activities covered, have yet to be disclosed.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.