Banks should probably stop trying to mint their own stablecoins
Under the OCC's proposed framework it might make more sense to enter into issuer-parnterships.
It’s been just over two weeks since the Office of the Comptroller of the Currency published its proposed rules for stablecoins under the GENIUS legislative framework.
The resulting consultation document runs to no less than 376 pages. We did want to read it all of it. But in our rush to grow The Peg and chase industry interviews, we haven’t yet had the chance to go through it with quite the tooth-and-comb it probably deserves.
Fortunately, the team at Omnia has beaten us to it. While there isn’t a public link to their analysis, which was circulated this week, it’s a really thoughtful look at what the rules might actually mean in practice, and The Peg thinks it deserves wider attention.
What makes it particularly useful is that it doesn’t just summarise the regulatory language, but also works through the economic incentives embedded in the framework.
