The FDIC is developing guidance on tokenized deposit insurance, aiming to assist financial institutions in expanding into digital assets. Acting Chair Travis Hill emphasized that deposits should retain their legal status regardless of whether they're on traditional platforms or blockchain technology.

The FDIC has approved a proposal to set application procedures for banks wanting to issue payment stablecoins under the GENIUS Act. This process will allow state banks to apply for approval to create subsidiaries that can issue these stablecoins, with the FDIC overseeing the application and review process. Public comments on the proposal will be open for 60 days.