US Treasury Proposes Requiring Stablecoin Issuers to Bear Counterparty Due Diligence Obligations Equivalent to Those of Banks

Odaily: The U.S. Treasury Department is pushing a plan that would require stablecoin issuers to bear counterparty due diligence obligations equivalent to those of U.S. banks, in order to tighten verification standards for stablecoin issuers. The implementation timeline of the proposal, as well as the scope of entities and activities covered, has not yet been disclosed.