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ARTICLE · 16 NOVEMBER 2021

US Financial Regulators Release Much-Anticipated Report On Stablecoins

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On November 1, 2021, the President's Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report). The Federal Deposit Insurance Corporation (FDIC) and...

United StatesFinance and Banking
Andrew Olmem
Andrew Olmem
Joseph A. Castelluccio
Joseph A. Castelluccio
Matthew Bisanz
Matthew Bisanz
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On November 1, 2021, the President's Working Group on Financial Markets (PWG) released its much-anticipated Report on Stablecoins (Report).1 The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) joined the PWG in issuing the Report.2

The Report provides an overview of how stablecoins are created and operate, discusses the risks they present (including regulatory gaps), and makes a series of recommendations for addressing these risks. The Report also discusses the role played, and risks presented, by digital wallets, transfer agents, digital asset exchanges, and DeFi generally in facilitating the use of stablecoins.

The Report signals the Biden administration's concerns about the rapidly developing digital asset markets and their lack of appropriate federal regulation. The PWG has indicated that the Report is part of a broader effort by the Biden administration to examine and identify the risks posed by digital

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