Report on Stablecoins

President's Working Group on Financial Markets, FDIC, OCC · U.S. Department of the Treasury

The landmark US interagency report recommending that payment-stablecoin issuers be regulated as insured depository institutions.

Read the source unverified Open-access copy

Relevance to stablecoin measurement

Direct antecedent to the GENIUS Act; anchors the US-regulation narrative and the GENIUS-compliant supply metric.

Key findings

Recommends Congress require payment-stablecoin issuers to be insured depository institutions.
Identifies run risk, payment-system risk, and systemic risk / concentration of economic power as the principal concerns.
Set the template for subsequent US stablecoin legislation.

Quotable

US regulators recommended that payment-stablecoin issuers be insured depository institutions (PWG, FDIC & OCC, 2021).

Method and limits

Research question	What prudential framework should govern payment stablecoins in the United States?
Methodology	Interagency policy report
Limitations	Policy recommendation, not empirical research; US-specific.

Indexed under

Regulation & Policy Financial Stability & Systemic Risk Payments & Settlementpayment stablecoinsinsured depository institutionrun risksystemic riskJEL G28JEL E42

Related Stablecoin Beat data

Companies

Cite this

President's Working Group on Financial Markets, FDIC, OCC (2021). Report on Stablecoins U.S. Department of the Treasury.

BibTeX

@techreport{pwg2021reportonstablecoins,
  title = {Report on Stablecoins},
  author = {President's Working Group on Financial Markets and FDIC and OCC},
  year = {2021},
  institution = {U.S. Department of the Treasury},
  howpublished = {U.S. Department of the Treasury},
  url = {https://home.treasury.gov/news/press-releases/jy0454},
  note = {Indexed by Stablecoin Beat},
}

Last verified 2026-07-02. 1 of the 17 fields shown is recorded but not yet verified and is marked below; 3 further tracked fields are not recorded.

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