Stablecoin issuers like Tether and Circle could soon be subject to bank-like regulations, according to a report from the Wall Street Journal.
The reported recommendation is part of a Treasury-led presidential advisory group’s upcoming stablecoin report. First announced in July, the report is now expected to be released in late October.
A Treasury spokesperson declined to comment.
A senior administration official confirmed to CoinDesk that the report is accurate and that the federal government is looking at two different pathways. The first is the Congressional pathway outlined by the WSJ, though the official did not provide specifics. The second is through the Financial Stability Oversight Council (FSOC).
A number of stablecoin issuers are in the process of or have stated intentions to obtain bank-like regulatory status. Circle said in August it wants to be a national crypto bank; Paxos, which issues USDP (formerly PAX) and BUSD in partnership with Binance, got a conditional banking charter in April.
Nikhilesh De contributed reporting.
This is a developing story and will be updated.
