Weekly and quarterly reporting forms that must be completed by permitted payment stablecoin issuers (PPSI) have been proposed by the federal bank deposit insurance agency, it said Friday.
The Federal Deposit Insurance Corp. (FDIC) said the new forms were prompted by a proposed rule issued in April implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, enacted last year. The legislation sets up a regulatory framework for stablecoins, among other things.
Part of that framework is a reporting regimen for the PPSIs. Under the weekly reporting, all PPSIs must submit to the FDIC a confidential weekly report containing information specified by the FDIC. The agency is also proposing a “short form” weekly report.The quarterly report is of financial condition, according to the April proposal.
According to Friday’s proposal, the FDIC said the reporting forms would facilitate its supervision of PPSIs. The forms would also “promote transparency with respect to the financial condition of PPSIs and provide information that can be used to assess compliance with reserve asset requirements in the GENIUS Act.”
There are two versions of the weekly reporting form:
- PS-01, for issuers with $1 billion or more in total outstanding issuance value, or $100 million or more in average daily transaction volume for prior month.
- PS-01a, for issuers with less than $1 billion in total outstanding issuance value and less than $100 million average daily transaction volume in the prior month.
The quarterly form (PS-02), the FDIC said, “aims to replicate, in a streamlined manner, quarterly call reports. The agency said standardizing the reporting requirements enhances the agency’s ability to supervise PPSIs.
The quarterly form includes five schedules: Income statement, balance sheet, off-balance sheet items, capital and operational backstop, and memorandum. That fifth item includes several topics seeking additional information about a PPSI’s operations, including: other reserve asset income and expenses, other income and expenses, other assets and liabilities, number of branded payment stablecoins issued, non-US dollar assets and liabilities, average reserve assets backing payment stablecoins, payment stablecoin issuances, redemption, and burn data, blockchains, redemption metrics, and custody activities.
Comments on forms and instructions are due 60 days after publication in the Federal Register.
Leave a Reply