The draft stablecoin bill in the United States allows central banks to provide funding to non-bank stablecoin issuers

ChainCatcher News, a new bill from the U.S. House Financial Services Committee proposes allowing non-bank stablecoin issuers to access central bank funds. According to the 73-page legislative draft, any bank or non-bank applicant must receive a decision within 90 days, or they will be automatically approved. The penalty for operating unlicensed stablecoins has been set at $100,000 per day.

The proposed bill introduces new rules and regulations for payment stablecoin issuers in the United States. The legislation will explicitly grant non-bank stablecoin issuers full access to central bank deposit accounts and central bank borrowing. Even the Treasury Department acknowledges that central bank deposits have the potential to provide the safest asset backing, while other acceptable stablecoin backing assets include physical cash, short-term government bonds, and government bond-based repurchase agreements (repos). (Source link)