FDIC: Stablecoins won't get any kind of deposit insurance under GENIUS rules, says FDIC chief

The chairman of the U.S. Federal Deposit Insurance Corp. made clear that even pass-through deposit insurance won't be allowed from third-party firms. What to know : The chairman of the U.S. Federal Deposit Insurance Corp. outline a proposed rule his agency is planning to issue that he said will clarify that "pass-through" deposit insurance won't be allowed to be offered to stablecoin users. Chairman Travis Hill said that position aligns with the intent of the GENIUS Act that his and other federal financial agencies are now implementing.(Coindesk)