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🚨 FDIC: STABLECOINS WON’T GET DEPOSIT INSURANCE
FDIC Chair Travis Hill said stablecoins will not receive any form of deposit insurance under the GENIUS Act.
He also clarified that third-party “pass-through” deposit insurance will not be allowed for stablecoin issuers.
This means stablecoin holders will not be covered by the FDIC’s $250,000 deposit protection, even if reserves are held at insured banks.