U.S. deposit insurance authorities are speeding up efforts to refine digital asset regulation by presenting a specific regulatory framework targeting stablecoin issuers.

CoinPost, a blockchain media outlet, reported on April 7 local time that the U.S. Federal Deposit Insurance Corporation (FDIC) unveiled a draft comprehensive regulatory framework for payment stablecoin issuers. The proposal is a follow-up measure based on the GENIUS Act signed by President Donald Trump. It focuses on specifying issuers' risk management and capital requirements.

The draft sets out in greater detail the prudential standards issuers must meet, including the collateral structure of reserves and redemption procedures. The FDIC said it "presented a strict framework for reserve backing and redemption". It also set separate requirements for insured depository institutions (IDIs) that provide stablecoin custody services, clarifying the role and responsibilities of the banking sector.

The scope of deposit insurance coverage was also redefined. The draft states that "stablecoins themselves are not subject to federal deposit insurance". It also says tokenised deposits that meet requirements are treated the same as general deposits. The proposal further specifies criteria for applying pass-through insurance to deposits held as reserves.

The draft also imposes limits on issuers' business and marketing practices. It includes a provision that, in principle, restricts issuers from promoting that holding the token itself provides interest or returns.

The requirements do not stop at capital regulation. They also include measures to ensure operational stability. The FDIC requires issuers to maintain an operational buffer capital backstop based on the previous year's operating expenses, and it imposes an annual audit obligation on large issuers with a market capitalisation of $50 billion or more.

The draft is a follow-up to steps taken last December to establish procedures when an IDI applies for approval to issue a stablecoin through a subsidiary. Authorities said they would clarify the stablecoin regulatory framework as more traditional financial institutions enter the market.

The FDIC plans to gather public comments on a total of 144 items for 60 days after publication in the Federal Register. At the same time, discussions continue in the U.S. Senate on the Clarity Act, which could affect the interest-like nature of stablecoins. How differences between the banking sector and the crypto industry are reconciled is also seen as a key variable.